If a person sells his house to buy a new appartment as a residential property and the dealer promises to hand over the possession after 4 year (being the construction period), can the assessee avail exemtption u/s 54 (sal of one residential property to purchase another one and investing the total proceeds along with capital gain therein).?
2 Replies
CA. sanjeet Kumar Ojha
(Chartered Accountant)
(272 Points)
Replied 07 August 2014
Yes , You can avail the exemption u/s 54.
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 08 August 2014
if sale agreement is signed now, then yes, exemption of sec 54 can be claimed.
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