Section 54

This query is : Resolved

Neha Keskar (Querist)
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01 December 2010 i require a case law to know whether the property constructed within the specified time limit should be ready for possession or should be just that investment should be made in the construction of the property within the time limit. plz help..its urgent..

Aditya Maheshwari

Aditya Maheshwari (Expert)
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01 December 2010 Date of taking possession relevant for computing time-limit - Date of taking over possession of property purchased, and not the date of registration of sale in favour of the assessee, is relevant for computing the prescribed time-limit - CIT v. Mrs. Shahzada Begum [1988] 173 ITR 397 (AP).

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 December 2010 Pl try CIT Vs. R.L Sood (2000) 245 ITR 727(Del). Builder failed to give possession with in the prescribed time limit. Held section 54 can be allowed.

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