Section 54 of income tax act 1961
This query is : Resolved
05 December 2015
A House property at Pune was sold on September 2015. Assessee had booked another flat in Mumbai in January 2014 in the under constructed premises, Construction of which completed and possession was received in December 2014. Can exemption be claimed under section 54 in respect of property at Mumbai whose possession was received in December 2014 against property at Pune sold in September 2015.
i.e.
Date of Sale of Old house at Pune in September 2015,
Agreement for new under constructed house at Mumbai entered in January 2014,
Possession of New house at Mumbai received in December 2014.
Can exemption u/s 54 be claimed for purchase of house at Mumbai against sale of House at Pune.
i.e.
Date of Sale of Old house at Pune in September 2015,
Agreement for new under constructed house at Mumbai entered in January 2014,
Possession of New house at Mumbai received in December 2014.
Can exemption u/s 54 be claimed for purchase of house at Mumbai against sale of House at Pune.
CA R SEETHARAMAN
(Expert)
05 December 2015
No it can't be claimed as you have entered agreement for purchase more than one year before the sale of house.
Arpit Shah
(Expert)
05 December 2015
https://taxguru.in/income-tax/exemption-section-54-54ec-54f-faqs-case-laws.html
05 December 2015
Can't avail exemption u/s 54. Inference is from Vinod Kumar Jain Vs. CIT (2010) TIOL 06 (P&H).
CA CS Jainam Shah
(Expert)
05 December 2015
You can't avail exemption of section 54 as you have signed agreement before one year of selling the house.
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