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54 b exemption

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 April 2013 we have sale land on 17.10.2009 for rs.34,00,000. out of which amount received in advance is rs.12,00,000.
investment made in april-may 2009 is rs.15,00,000 and investment and investment after sale deed is rs.15,00,000.

so please tell me can i get exempation for amount invested from amount received in advance.
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CA Mahavir Shah

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CA Mahavir Shah (Expert)
15 April 2013 From literal construction of you can not claim exemption. But according to judgement in case of Ramesh Narhari Jakhadi v. ITO [1992] 41 ITD 368 (Pune-Trib.), assessee can claim the benefit of exemption by extending Board's Circular.
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