54f
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 February 2014
our client has claim under 54F in last year. (Land sale and residential property purchase),
but before 3 yrs he want to sale this property and also want to exemption which has already taken.
is it possible by sale this property and invest in bond?
but before 3 yrs he want to sale this property and also want to exemption which has already taken.
is it possible by sale this property and invest in bond?
13 February 2014
No if any exemption taken u/s 54F and has been allowed then the said property cannot be sold within 3 years. If sold within 3 years the same shall be treated as short term capital gains and the exemption already taken shall be withdrawn. As now a days any property transaction above 50 Lacs are scrutinized
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