08 May 2013
A person sold residential flat and bought another immediately. Possession of flat was not received by him but he paid full amount and considering the spirit of section 54 he claimed exemption from capital gain. Now three years are over and he is yet to get possession of the flat. He wants to sale the flat. Can he sale before getting possession or he should wait for 3 year after getting possession
08 May 2013
It is basically effective when agreement to to sale is made and possession is transferred. The above two conditions have to be satisfied for sale of capital asset.
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