section 54
This query is : Resolved
08 December 2010
whether purchase of tennacy rights qualify for exemption u/s 54
09 December 2010
Tenancy rights does not confer ownership in perpetuity. Actually the section intends purchase of a house either one year before or two years after the sale of the property, the capital gains from which is under consideration for tax or constructs a house within 3 years. Tenancy right would not amount to purchase of a house. Hence exemption under section 54 is not admissible.
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