Availing exemption for addtl. compensation(unique case)

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Sathish kumar (Querist)
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30 July 2010 Hi,
In the year 2001, Mr. X bought a residential property in urban area which was subsequently acquired by Govt. in the year 2004 and within a month of transfer, he invested compensation u/s 54. And in January 2010, some additional compensation received from Govt. on which TDS is deducted.
My question is...
1. Whether he is eligible to claim exemption u/s 54,54EC.
2. The above sections state that date of transfer should be taken for exemption. In this case what is the remedy for claiming exemption under the section. whether the date of transfer or date of receipt of additional compensation should be considered. Kindly Pour in with your Valuable Opinions.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 July 2010 1. Not eligible for 54 and 54 EC exemption.
2. Additional compensation and interest {subject to deduction u/s 57(iv)} thereon is taxable.
Since initial compensation is received, section 54H is also not applicable.

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