Exemption u/s 54 f (urgent)

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This query is : Resolved

Krishan Kumar Goyal (Querist)

13 March 2014 Dear Sir,

please clear me if any person sold his home in a.y. 2011-2012 and invest this sold amount in any residential project (just like jp or earth infrasture) which possession time is in 2015 may he get exemption u/s 54 f or not

Thanks in Advance

Nikhil Kaushik

Nikhil Kaushik (Expert)

14 March 2014 Goyal ji normally tax authorities take a lenient view where there are delays in possession.

What stand they may take if it is known well in advance that possession shall be beyond 3 years is something you can only speculate on.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

14 March 2014 Issue is covered u/s 54 and not under 54F.

However, assessee is entitled to exemption u/s 54. The following decision can be relied , though delivered u/s 54F.

CIT Vs. Sardamal Kothari (2006) 302 ITR 286.

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Krishan Kumar Goyal

Krishan Kumar Goyal (Querist)

21 March 2014 Dear Sir,

Please clear me that assessing office is bound to follow the ruling or he may use his discretion or reject the exemption of u/s 54

Nikhil Kaushik

Nikhil Kaushik (Expert)

21 March 2014 He may reject as often tax officers do. But appellate level you can expect relief

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