Regarding exemption of property...u/s 54
This query is : Resolved
21 November 2011
SIR I WANT TO KNOW REGARDING EXEMPTION IS VALID OR NOT WITH THE HELP OF ILLUSTRATION.
MR. A purchase a property as on 28.02.2006 of Rs.350000 and same has been sold on 27.08.2008 of Rs.700000 and purchase another property of Rs. 1500000 and taken exemption and afterthat he sold that another one within three years for Rs. 1700000 and purchase 3rd one for Rs. 1800000.
in this case i want to know that exemption allowed in property 2nd shall replace with 3rd.
MR. A purchase a property as on 28.02.2006 of Rs.350000 and same has been sold on 27.08.2008 of Rs.700000 and purchase another property of Rs. 1500000 and taken exemption and afterthat he sold that another one within three years for Rs. 1700000 and purchase 3rd one for Rs. 1800000.
in this case i want to know that exemption allowed in property 2nd shall replace with 3rd.
21 November 2011
First of all you have to clarify whether the property is residential or non-residential.
.
Secondly, the exemptions are not allowed in any case where the holding period is less than 3 years.
.
If The assessee frequently does so, his "Aman" of mind may get lost whenever he is / will be asked for source of investment as well as for not paying taxes on profits made by him.
.
Secondly, the exemptions are not allowed in any case where the holding period is less than 3 years.
.
If The assessee frequently does so, his "Aman" of mind may get lost whenever he is / will be asked for source of investment as well as for not paying taxes on profits made by him.
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