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section 54

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(Querist)
08 December 2010 whether purchase of tennacy rights qualify for exemption u/s 54
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venkatraman shrinivas

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venkatraman shrinivas (Expert)
09 December 2010 Tenancy rights does not confer ownership in perpetuity. Actually the section intends purchase of a house either one year before or two years after the sale of the property, the capital gains from which is under consideration for tax or constructs a house within 3 years. Tenancy right would not amount to purchase of a house. Hence exemption under section 54 is not admissible.
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