05 December 2015
A House property at Pune was sold on September 2015. Assessee had booked another flat in Mumbai in January 2014 in the under constructed premises, Construction of which completed and possession was received in December 2014. Can exemption be claimed under section 54 in respect of property at Mumbai whose possession was received in December 2014 against property at Pune sold in September 2015.
i.e. Date of Sale of Old house at Pune in September 2015, Agreement for new under constructed house at Mumbai entered in January 2014, Possession of New house at Mumbai received in December 2014.
Can exemption u/s 54 be claimed for purchase of house at Mumbai against sale of House at Pune.
CAclubindia
