23 July 2010
My client being an Individual owned a residential Flat whose book value of Rs.250000/- He sold the said Flat in F.Y.2009-10 against which he received of Rs.425000/- towards sale consideration as advance.However the sale deed is registered in F.Y.2010-11. Also he purchased a new Residential Bunglow of Rs.3500000/- in joint ownership in F.Y.2009-10.
Now query is whether he can claim deduction as to long term capital gain on sale of residential Flat u/s 54 of I.T Act in the F.Y.2009-10 or not.
CAclubindia
