Capital Gain
This query is : Resolved
Anish Chowdhary
(Querist)
11 September 2010
In Capital Gain there is a provision that if the assesse sells his house and purchase a new house he can claim deduction of the cost of new house provided that he doesn't sells it within three years.
Suppose he enters into a agreement to sell the new house within three years, but have only received the advance money against booking in the period of three years will the provision be violated.
Suppose he enters into a agreement to sell the new house within three years, but have only received the advance money against booking in the period of three years will the provision be violated.
11 September 2010
Dear Anish,
under section 54 it has been given that if he transfers new house.
Here, in this case Assessee received only Advance money but transfer of ownership is not there, therefore there is no any violation of this section.
Regards!!!
Dinesh S. Adhikari
under section 54 it has been given that if he transfers new house.
Here, in this case Assessee received only Advance money but transfer of ownership is not there, therefore there is no any violation of this section.
Regards!!!
Dinesh S. Adhikari
Manmohan ACA, CS
(Expert)
11 September 2010
agree with Dinesh , however if you received advance and the purchases take the possession , then exemption revoked
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