20 October 2011
whether purchase of flat u/s 54 includes flat booking? and if yes, what is the time period of booking the flat in order to claim exemption under this section?
20 October 2011
The purchase of house should be within a period of 1 year before the transfer or within 2 year after the date of transfer. If the substantial amount is paid in terms of purchase agreement within the stipulated period, the exemption u/s 54 is available even if the possession is handed over the stipulated period.
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