24 December 2014
Mr.X sold a long term capital asset and entered into sale deed and entered into agreement for purchase of new property within a year. Due to defective title the sale deed was postponed and Mr.X purchased house in 3rd year....Will he eligible for claiming exemption u/s 54.....
24 December 2014
Exemption u/s 54 not available for purchasing house in 3rd year.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
01 September 2015
As per Madras High Court, When the Assessee is not able to meet the requirements on genuine basis then he can claim deduction under Sec 54.