Exemption under section 54 of income tax act

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Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2015 Clarity on Sec 54 needed.

Amol S Joglekar

Amol S Joglekar (Expert)
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16 January 2015 Be careful....

the words used in the section are purchased OR constructed....

in your case what has happened is you have invested in new flat...

I think it will not amount to PURCHASE

So please check if you can really avail 54 exemption...

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Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2015 Thanks Amol ji for reply. Thanks in advance.

Amol S Joglekar

Amol S Joglekar (Expert)
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19 January 2015 There are more ODDs than EVENs in your case.

Of course, as you rightly pointed out, you can NOT now change the past except defending the same.

The JUSTICE relies on 2 basic principles in mind.....
01. The thing which should have been rejected does not get accepted and
02. The thing which should have been accepted does not get rejected.

Considering the surrounding situations, at times Courts have given very BALANCED decisions...(Which appear to be LIBERAL)

Same holds good for your case also.... I wish you get a BALANCED judgement.

Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2015 Amol Ji Thanks.

Noted Points.

Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2015 Thanks forum for help,

Amol S Joglekar

Amol S Joglekar (Expert)
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20 January 2015 You are most welcome.
.
.

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Exemption under section 54 of income tax act

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