Hello Friends,
If somebody purchased a residential house three years before the sale of another residential house but the repayment of last loan installment is before one year of sale of residential house.In this case whether he'll get the exemption u/s 54 or not.
Please friends support your answer with the source.
no.. the income tax act mentions purchase of flat and is completely silent about the payment for the same... once you enter a purhcase agreement, the purchase is complete irrespective of the payments being in installments..
hence in your case, section 54 exemption would not be available..
I agree with CA Ankit Totla.
Murali and Sumeet Chartered Accountant
Bengaluru
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Twenty Point Nine Five Ventures Private Limited
Noida
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