Section 54 f

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Adolf Pinto (Querist)
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08 September 2009 Whether the assessee who books a flat with a builder, and the builder promised to deliver within two years, now, that has not happened, because of certain legal hurdles and recession,, however it should hopefully, be completed within three years. Do I continue to enjoy, the long-term gain exemption, even if it takes three years?

Adolf Pinto, Mumbai

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 September 2009 My personal view is you cannot continue the benefit of section 54F. But the Delhi high court decided on identical facts that 54 F benefit can be availed where the assessee made substantial payment within the prescribed time and acquires domain over the property eventhough the builder failed to hand over the possession within the stipulated period.

Citation:-CIT Vs R C Sood (2000) 108 Taxman 227(Del).

For coming to such a decision the court relied on the CBDT Circular's 471 dated 15/10/1986 and 672 dated 16/12/1993. U can download these circulars from www.incometaxindia.gov.in.

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