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Sale of property

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(Querist)
30 September 2014 Dear Expert,

I have sold on flat in Sep 2014 and received consideration of Rs.2500000.00 which I have paid to a builder for a property for which I will be getting possession in 2016 for a value of Rs.4000000.00.

Will the amount of Rs.2500000.00 received by me in this financial year will be taxable in my hands.

Please advise.

Mohan Saxena
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CA SUNIL K GARG

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CA SUNIL K GARG (Expert)
01 October 2014 yes , u will be eligible for deduction under 54 /54 F.
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