Exemption u/s 54
This query is : Resolved
27 March 2018
If an assessee claims an exempeion under section 54 against construction of residential flat but if the construction of the houses property is not completed within 3 yrs i.e it goes beyond 3yrs and the assessee sells this newly booked residential flat before getting possession. Whether exemption claimed u/s 54 in earlier year in which capital gain arise will stand withdrawn ??
27 March 2018
Yes, exactly. The capital gains exemption granted earlier will be reversed and the gains will be taxable
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