Urgent help require (regarding exemption u/s 54f)

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

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.

Thanking You

@VaibhavJ

@VaibhavJ (Expert)
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27 February 2013 Hi

Yes, it is available subject to:

1. Whole Cap. Gain to be invested in Cap Gain Scheme A/c with SBI before end of FY when trf made.

2. Construction of 1 house to be completed within 3 yrs after transfer of long term asset.

3. Asset trf should be long term asset.

4. You should not own more than 1 house on the date of transfer.

Thanks!!

Querist : Anonymous

Querist : Anonymous (Querist)

17 April 2013 thanks Mr. Vaibhav for recalling the law but request to please go through specifically the query asked by me.

So the query is still open and experts advice ought on the matter.

thanks

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