I made investment (partly investment)in under-construction property one year before selling my old property, My new under-construction property's sale agreement was done on 21st December,2021 then i sold my old property on 28 March,2022 (according to sale deed).In this scenario can i claim exemption under section 54 of income tax act 1961 and new property will be ready in 3 year from sale date of old house.
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Can i claim under scetion 54 in respect of under-construction property prior to selling old house?
Replies (5)
You can't avail the deduction.. Investment should start after the date of sale ..
If it is before sale then you must buy ready made house
If it is before sale then you must buy ready made house
But, sir ITAT Mumbai said that booking of under-construction flat is a case of construction not purchase so 3 year rule applies.
It is construction but it will not be considered for 54.
Sir any reason why it will not be considered for 54?
Can the construction be started before the sale ?
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