Dear All,
Could you please guide me with reference to exemption u/s 54 in the belwo mwntoned case:
My parents have recently sold a plot with a residential house constructed on it in Ranchi (Jharkhand), the details are as folllows:
-Date of purchase of plot: May 2, 2003
-Purchase amount : Rs 2,25,000/-
-Cost of construction of house property: Rs 4,00,000
-Date of selling : June 2, 2015
-Selling amount : Rs 17,50,000 (plus some amount which is not mentioned in the registered document but was deposited in the bank account)
I have recently purchased a flat in Pune which is still under construction. The agreement to sale was registered in my name. Is it possible to claim the exemption u/s 54 if I can add my parents give the capital gain amount in cheque to the builder with a declaration that they are eventually going to stay there and its their contribution towards the property thereby claiming exemption?
Can They claim exemption u/s 54 EC, but the timeline of 6 months has already over. Can we staill claim the exemption if we invested in bonds before filing return of income.
Is there any alternative solution?
Thanks a ton for your help with this!!
Warm regards,
- Rahul
CAclubindia
