Capital gains exemption u/s 54

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Nailesh Kothari (Querist)
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06 July 2012 A person sells a resi flat on 5.11.2011 for Rs 25.00 lacs, cost of which is 6.19 lacs purchased in 25.8.2005.

He had entered into purchase agreement on 29.12.2009 for resi. flat under construction from a builder. The possession is received on 5.8.2011.

Whether he is eligible for exemption u/s 54 on gain on sale of property dated 5.11.2011 as though new flat purchase agreement was entered into in dec, 2009, effective possession is received in Aug, 2011

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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09 July 2012 The date of acquisition shall be the date of possession.

Accordingly, the date of acqisition shall be 5.8.2011.

Since the property has been acquired within 1 year before the date of transfer, exemption u/s 54 is available.

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