17 March 2015
Hello All My client have sold a residential property and purchased one residential property in the curent year. I want to sell the property which I purchased in lieu of sale. My question is whether I can claim exemption u/s 54 in the current assessment year? What is the time period for which I have to keep it. Pl advise. It is urgent. Regards Sanjay
18 March 2015
Sir Thanks for reply. But my question is if my client sell it off the purchased property after current financial year then what would be the consequences? Regards Sanjay
18 March 2015
Hello Sanjay, If u have already taken exemption in last year than you have to reverse the same in this year. And if your client has not filled the return of last year than it is advisable not to take exemptin so that no need of reversal in this year.
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