Sec 54 exemption
This query is : Open
16 December 2014
Dear Friends,
Assessee wants to sell his property which was bought in Feb. 2006, now he wants to get exemption of Capital Gain by investing in new property and part of investment has already been done which was registered in 2012.
Futher we clarify that new Property is under construction (builder) and possession will be available in Jan,2015.
Can assessee get exemption????
Assessee wants to sell his property which was bought in Feb. 2006, now he wants to get exemption of Capital Gain by investing in new property and part of investment has already been done which was registered in 2012.
Futher we clarify that new Property is under construction (builder) and possession will be available in Jan,2015.
Can assessee get exemption????
17 December 2014
For claiming exemption u/s 54 the construction should COMPLETE AFTER the date of transfer & within 3 years of the date of transfer.
The construction can START BEFORE the date of transfer. The only condition is that it should complete AFTER the date of transfer.
So the assessee is eligible for deduction u/s 54.
The construction can START BEFORE the date of transfer. The only condition is that it should complete AFTER the date of transfer.
So the assessee is eligible for deduction u/s 54.
17 December 2014
But date of agreement is more than 1 yr before from the date of transfer of existing property i.e.sale.
Whether Exemption will be available only when date of agreement is 1 yr before and 2 yrs after from the date of transfer???
Whether Exemption will be available only when date of agreement is 1 yr before and 2 yrs after from the date of transfer???
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