banner_ad

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

Tax queries 299 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.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details