Exemption u/s 54 f (urgent)
This query is : Resolved
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
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
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.
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.
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.
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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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
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
21 March 2014
He may reject as often tax officers do. But appellate level you can expect relief
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