Tax query

Time Limit For Acquisition of RP u/s 54-- with in 1 yr before or 2 yrs after the date of trf (if purchased) or 3 yrs after the date of trf (if construction)

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.

You can not get benifit of Sec 54