Please help me find a solution for the query
We sold property on sep 2006 for 35 lacs and incurred 15 lacs on development expenses.
6 months ahead to this transaction We purchased house for 20 lacs n now residing in the same house but the registration was not yet done but we entered into an agreement for the same. That is we took the possession n made the payment but registration alone is pending.
We claimed for exemption of this purchase cost from the sale proceeds is it valid exemption. Please guide me
Thanks in advance
CAclubindia
