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Section 54

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 October 2011 whether purchase of flat u/s 54 includes flat booking?
and if yes, what is the time period of booking the flat in order to claim exemption under this section?
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Rahul Gupta

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Rahul Gupta (Expert)
20 October 2011 The purchase of house should be within a period of 1 year before the transfer or within 2 year after the date of transfer.
If the substantial amount is paid in terms of purchase agreement within the stipulated period, the exemption u/s 54 is available even if the possession is handed over the stipulated period.
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