Ok guys i have a small problem,
I relative of mine has made a sale of residentia flat on 10/11/15.
Also he had purchased a property in 2009 and has been paying loan installments since then.
Last Installment was paid on 15/11/15 and ownership was also passed to him on the said date i.e 15/11/15
now can i take benefit of the Exemption u/s 54 for the 1 year period prior to the sale of the residential property.
(lets say that EMI paid from the period of 10/11/14 to 15/11/15 was 500000 then can i claim it as exemption?)
I know the rule is that the property should be constructed withing 3 years but are there any provisions for this?
CAclubindia
