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.
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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