54F

Dear Urvi,

EXEMPTION WILL BE AVIALABLE IN THE YEAR OF TRANSFER

HOWEVER, the time limit in case of purchase is  2 years from the date of sale & if within the said time  posession is not received the Deduction u/s 54 F HAS TO BE REVERSED IN THE YEAR IN WHICH THE 2 YEAR EXPIRES THEREFORE THE AMOUNT OF EXEMPTION WILL BE TAXABLE AS CAPITAL GAIN