Correct me if I am wrong. Disallowance u/s 40A(7) is when gratuity provision paid to a unapproved fund and 43B is when provision for gratuity is not paid to the approved fund before the due date of filing the returns. If it is disallowed u/s 40A(7), will it be allowed in the AY when the fund is approved.
Please not under section 40 A (7) disallowance is for provision created. Its not for any payment made towards Gratuity.Whereas under Section 43B disallowance is for not paying the statutary dues within prescribed time.
Exemption u/s 54 is available subject to fulfillment of the following requirements:
(i) The transferor shall be an individual or the HUF,
(ii) The asset to be transferred must be of long-term capital asset, being buildings or lands appurtenant thereto, being a residential house,
(iii) The income from such residential house shall be assessable under the head "Income from House Property",
(iv) The transferor assessee should purchase a residential house in India within a period of one year before or two years from the date of transfer or construct a residential house within three years from the date of the transfer of the original house. (Construction must be completed within these 3 years.), and
(v) The new house property purchased or constructed has not been transferred within a period of three years from the date of purchase or construction.
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