Capital gains query
My client sold house property last week (In Sep 16). He got capital gains
He has entered into an agreement for purchase of a flat (Price-60 Lakhs) before 1 year (In June 15) and paid an advance of 25 Lakhs (In June 15 only)
But the registry of property has not yet happened. It is expected to be in Mar'17 and balance amount of Rs 35 Lakhs to be payable in Mar'17
Can he claim this investment in Flat u/s 54?
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capital gain tax
Replies (1)
Yes, he is entitled to get exemption u/s. 54. As registry and possession both will fall within stipulated time frame.
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