Income Tax on Profit on Sale of Residential Property
This query is : Resolved
28 March 2024
Respected Sir,
I need suggestion in the below mentioned situation,
For example, Mr. A has sold Plot in Jan 2024 with Profit of 457,721.00 and he wants to reinvest the sold amount and paid Advance to the Seller for purchase of another Plot. But, due to unavoidable circumstances he failed to register Plot in his name within March 2024 (i.e FY 2023-24). Now what could be tax implication on this. Can he claim Exemption u/s 54F on the basis of Advance Payment. Kindly guide me in this.
Thanks & Regards.
I need suggestion in the below mentioned situation,
For example, Mr. A has sold Plot in Jan 2024 with Profit of 457,721.00 and he wants to reinvest the sold amount and paid Advance to the Seller for purchase of another Plot. But, due to unavoidable circumstances he failed to register Plot in his name within March 2024 (i.e FY 2023-24). Now what could be tax implication on this. Can he claim Exemption u/s 54F on the basis of Advance Payment. Kindly guide me in this.
Thanks & Regards.
29 March 2024
No, by virtue of section 54F(4).
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