banner_ad

Capital Gain

This query is : Resolved 

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.

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

11 September 2010 agree with Dinesh , however if you received advance and the purchases take the possession , then exemption revoked


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro

Similar Resolved Queries


loading


Unanswered Queries



CCI Pro
Meet our CAclubindia PRO Members

Follow us
add to google news



Answer Query



Company
29 April 2026
Internal Auditor

SNCO

Mumbai

CA Inter

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
ARTICLESHIP 27 April 2026
CA Articled Assistant

GM Corporate Solutions

Noida

CA Final

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
05 May 2026
Accountant

Sanjay K Pathak & Associates

Noida

Graduate (Any)

View Details
Company
04 May 2026
Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details