Tax query
CA VISHAL SINGH (CHARTERED ACCOUNTANT) (297 Points)
23 January 2013CA VISHAL SINGH (CHARTERED ACCOUNTANT) (297 Points)
23 January 2013
Ritesh Surana
(Article Assistant)
(49 Points)
Replied 23 January 2013
How can an Assessee claim deduction u/s 54 when the property is taken under lease agreement ?
Since Rights of OWNERSHIP is not transfered to him.
Deduction u/s 54 is available only when one Residential property is sold and other Residential property is purchased
1 year forward and 2 years backward in case of Purchase.
3 years forward in case of Construction.
Thank You.
Akshaydeep Tarachand Dhoot
(Account and Audit Assistant)
(33 Points)
Replied 08 February 2013
You can not get benifit of Sec 54