Interest in case of not allowanceof exemption u/s 54f

This query is : Resolved

CA.Monik Dedhia (Querist)
Follow

06 July 2012 Dear Sir,

My client have sold a piece of land and want to go for exemption u/s 54F by paying advance booking amount before the due date u/s 139(1) i.e. 31th july 2012.

But he is not sure that he will get possession letter of flat purchase within period of 2 years.( However he will get himself being registered).

In case of non availability of possession, will the exemption u/s 54F get revoked?

whether there is a case that after 2 years A.O. charged him LTCG Tax along with "INTEREST".

Would you recommend to go for Booking of flat and claim exemption.

Regards,

Ca. Monik Dedhia.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

06 July 2012 Date of possession is relevant for computing time limit in view of the decision of Andhara Pradesh high court ,u/s 54, in the case of CIT V Ms. Shahzada Begum (1988) 173 ITR 397.

CA.Monik Dedhia

CA.Monik Dedhia (Querist)
Follow

09 July 2012 Thank You Sir,

But can you tell about interest part , in case we don't get possession within time.

should we pay Tax amount along with interest component or not.

Regards,

Ca. Monik Dedhia.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vimlesh kumar

nitin

CA K GIRIDHAR

raval umesh

Suvigya Tiwari

Subscribe Now

Interest in case of not allowanceof exemption u/s 54f

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

GST CONSULTANCY

CA Final

Accountant

Manager- Finance and Compliance

Senior Executive