21 September 2012
sold a house for rs 50.00 lacs in july, 2011 purchased the same for 9.00 lacs in sep, 1996 purschased a flat for rs 16.00 lacs in sep, 2012. the amount remained in the bank but not in accordance with CG accounts scheme 1988.
whether the assessee can claim the exemption u/s 54.
21 September 2012
If the payment for the new flat purchased has been made till July 31,2012(assuming that the person is not liable for audit u/s 44AB), then the exemption can be availed. However, if the amount has not been fully paid for the flat so purchased, then the exemption of the unpaid amount can be availed only if such amount has been deposited in Bank A/c in accordance with CG A/c Scheme.
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