Property purchase exemted
This query is : Resolved
17 August 2013
Sir
When Residential Property Sold & Buy 1 another Residentail Property then in which section we claim Exemption of Purchase of Property
When Residential Property Sold & Buy 1 another Residentail Property then in which section we claim Exemption of Purchase of Property
17 August 2013
It is u/s 54F. As per 54(1) you can utilise the sum of gross receipts for purchase of residential unit or house and if you fail to purchase before the due date of filing of the return then you have to deposit the entire money in a capital gain account and then utilise the same as per the provisions of section 54F(4)
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