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54F exemtion

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(Querist)
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
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CA.ViVeK M ACA

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

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Bhaskaran Chackrapani Warrier (Expert)
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

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KURWESH KATRE (Querist)
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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
29 November 2010 My observation is wrong.
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DR GAURAV GUPTA FCA, FCS, LL.B

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DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
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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