Assesse purchase (books a residential house) in March 2009 and gets possession in Dec 2010. He sells his another let out property in May 2010 with Long Term Capital Gain.
My query is, is he eligible for exemption u/s 54??
Catch is.,
New house should be purchased before one year from sale of property but he booked his house not in the time limit mentioned in sec 54. However he gets possession in Dec 2010. Can we consider purchase of new property to satisfy conditions of new peoperty?
Experts, pls advice.
CAclubindia
