Sec 54
This query is : Resolved
06 July 2013
Assessee transferred his residential house in feb 2012. He has made advance payment of Rs. 600000/- for purchase of another residential flat in the year 2008 feb.. Will such payment be included to claim defuction u/s 54.
06 July 2013
In case the assessee has purchase a house within 1 yr prior to transfer, exemption U/s 54 is available. Against advance paid in 2008, exemption can not be claimed.
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