54F for under construction property before sale of original capital asset

311 views 4 replies

Hello, i am aware of 54F conditions . 

I have purchased a residential flat which is under construction on 25 nov 2021. And my capital asset sell date is 28 dec 2021.

By the definition it states. Should purchase a residential house 1 year before or 2 year after or construction after 3 year sale of original asset. 

In my case i become eligible for 1st clause which is 1 year before purchase of residential flat but main problem is possession of flat which is in 2024. Although AGGREEMENT to sale which is registry has happened on 25th nov itself on index 2 it is showing same date. But it is under construction flat. 

Am I still eligibility for exemption u s 54f? 

 

Replies (4)

Around 80% of flat cost has been given by 31st March 2022 date. 

Possession is not the factor as per agreement can u stay within the stipulated time. If not arrange and modulate with the lawyer?
Originally posted by : sabyasachi mukherjee
Possession is not the factor as per agreement can u stay within the stipulated time. If not arrange and modulate with the lawyer?

Sorry I did not get you. Is it related to income tax act or are you suggesting to ammend the  AGGREEMENT with the builder with the help of lawyer ?

Yes, you are eligible for the payments made by all the installments after the sale  i.e 28th Dec. 2021, including any amount deposited in CGAS 1988 account for future installments.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 28 June 2026
Article Assistant

Sharma Chetan And Company

Gurgaon

CA Inter

View Details
Company
16 June 2026
Sr. Associate / Assistant Manager | TAS / FDD

Boutique Investment Bank & Transaction Advisory Firm

Gurgaon

CA

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details