27 February 2013
My Query is regarding claim of exemption U/s 54F of IT Act:
Whether exemption U/s 54F available if the assessee has entered into a PURCHASE AGREEMENT with a Builder for Purchase of Land and to construct house thereon within 3 years?
Means ONLY AGREEMENT TO PURCHASE is made & some portion of advance payment being made for land purchase.
Further land portion not registered till the due date of filling of ITR u/s 139.
EXPERTS ADVISE IS SOUGHT ON THE MATTER. REQUEST TO QUOTE ANY DECIDED CASE LAW ON THE MATTER.