18 December 2014
Sir, Suppose, X has given a land for development and then, claimed some of the flats he has got as exemption u/s 54F. he has sold one of those flats within 3yrs. so how are the tax implications?
18 December 2014
01. FLATS? 54F can NOT have plural flats. It is for SINGLE flat
02. Where the new asset is transferred within a period of three years from the date of its purchase the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset shall be deemed to be income chargeable under the head “Capital gains” relating to long-term capital assets of the previous year in which such new asset is transferred
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