can deduction be claim u/s. 54F be cliaimed ?????
My client has made intial payment for a Resi property but possession is not yet recd.
1 Replies
Amir
(Learner)
(4016 Points)
Replied 25 January 2010
Dear Urvi,
EXEMPTION WILL BE AVIALABLE IN THE YEAR OF TRANSFER
HOWEVER, the time limit in case of purchase is 2 years from the date of sale & if within the said time posession is not received the Deduction u/s 54 F HAS TO BE REVERSED IN THE YEAR IN WHICH THE 2 YEAR EXPIRES THEREFORE THE AMOUNT OF EXEMPTION WILL BE TAXABLE AS CAPITAL GAIN
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