54F exemtion

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KURWESH KATRE (Querist)
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29 November 2010 date of pur of res. house on 15-12-06 and sold shop on 14-2-08 whether exemption is available or not if whole consideration is paid from 1-4-07 to 31-03-2008 and possetion recd before 31-1-10

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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29 November 2010 YOu can claim the benefit of exemption

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 November 2010 Holding period is less than 36 Months. So it is a short term capital asset. Deduction under section 54 will not be allowed for short term capital asset.

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KURWESH KATRE

KURWESH KATRE (Querist)
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29 November 2010 sir,
please read the question once again there is no point of short term capital assets because my point is on first purchase of residential house property & then sale of Shop. the matter is of availability of exemption of sec.54f

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 November 2010 My observation is wrong.

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DR GAURAV GUPTA FCA, FCS, LL.B

DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
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30 November 2010 EXEMPTION U/S 54 f WILL NOT BE AVAILAIBLE BECAUSE PURCHASE SHOULD BE DONE WITHINONE YEAR BEFORE THE SALE

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