Exemption u/s 54 e of the act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 October 2013
My client has disposed a land in
March,2013 for a sale consideration of
Rs.7 lakhs and the Long Term capital
gains arising out of this transaction
amounts to Rs.5 lakhs.He did not own any
house property in his name.
In Aril,2013,he entered into an
agreement with a proposed vendor of a
house building and paid an agreed price
of Rs.6 lakhs.He took possession of the
said property and is being enjoyed.
The said house building was
registered only in the first week of
October,2013,say,after the due date of
filing his Return of Income.(July,2013)
Can the assessee claim an exemption
of long term capital gains u/s 54E of the
Act for the asst.year 2013-2014?. Can he
take the advantage of 'TRANSFER" within
the meaning of Section 2(47)(V) read with
Explanation 2 of the Act and claim
exemption? since there is a delay in
registration.Please clarify.
My client has disposed a land in
March,2013 for a sale consideration of
Rs.7 lakhs and the Long Term capital
gains arising out of this transaction
amounts to Rs.5 lakhs.He did not own any
house property in his name.
In Aril,2013,he entered into an
agreement with a proposed vendor of a
house building and paid an agreed price
of Rs.6 lakhs.He took possession of the
said property and is being enjoyed.
The said house building was
registered only in the first week of
October,2013,say,after the due date of
filing his Return of Income.(July,2013)
Can the assessee claim an exemption
of long term capital gains u/s 54E of the
Act for the asst.year 2013-2014?. Can he
take the advantage of 'TRANSFER" within
the meaning of Section 2(47)(V) read with
Explanation 2 of the Act and claim
exemption? since there is a delay in
registration.Please clarify.
22 October 2013
already answered elsewhere.
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