Please guide me……………….
Samir purchased a Land at Bharuch for Rs. 7.5 lacs in F.Y. 2006-07. He purchased a Land at Surat for constructing Residential House on it for Rs. 10 lacs in July 2011. He aggreed to sell the Land situated at Bharuch for Rs. 80 lacs in April 2012. He will receive Rs. 35 lacs in June 2012 and will invest whole the amount in construction of the new house on the land at Surat. Thereafter he will receive Rs. 25 lacs in March 2013 and will invest whole the amount in construction of the new house on the land at Surat. He will receive a final payment of Rs. 20 lacs in July 2013 and will invest Rs. 10 lacs in construction of the new house on the land at Surat. In July 2013 Samir will make a registered Sale Deed in favour of buyer. Other conditions of S. 54F are satisfied.
Q-1 : In which year Samir can avail benefit of S. 54F ? In the year of Receipt or transfer
of property.
Q-2 : Can Samir get benefit of S. 54F on Land and Construction also ?
CAclubindia
