Capital gain
This query is : Resolved
Poonam Lohiya
(Querist)
07 May 2015
Sir
U/s 54 I invested in residential property my long term capital gain. Now i want to know if property is not registered till yet and only agreement to purchase is there, can i claim benefit u/s 54
U/s 54 I invested in residential property my long term capital gain. Now i want to know if property is not registered till yet and only agreement to purchase is there, can i claim benefit u/s 54
Nikhil Kaushik
(Expert)
07 May 2015
difficult to answer the query without reference to the date of transaction..
in general, exemption is permitted provided where gains have been invested for construction of a residential property, the construction is completed within 3 years of the sale of the first property
in general, exemption is permitted provided where gains have been invested for construction of a residential property, the construction is completed within 3 years of the sale of the first property
Poonam Lohiya
(Querist)
07 May 2015
sir
I did not construct the property i purchae the property and agreement ot purchase has been made the property is is my possession but still not registered yet can i claim benefit of 54. I have purchased it within 3 year of LTCG
I did not construct the property i purchae the property and agreement ot purchase has been made the property is is my possession but still not registered yet can i claim benefit of 54. I have purchased it within 3 year of LTCG
Poonam Lohiya
(Querist)
07 May 2015
withing the specified limit which is 2 year i have purchased another residential property
plz
reply
plz
reply
Nikhil Kaushik
(Expert)
07 May 2015
you wont have to worry. actual sale deed is not necessary. However it is advisable that you complete the transfer formalities at the earliest too
Poonam Lohiya
(Querist)
07 May 2015
thanks for the suggesstion..
07 May 2015
For availing the benefit of section 54, registration of the document is not imperative. Balraj vs CIT 254 ITR 22 (Del) may be referred to.
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