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Deduction under section 54
Is deduction under section 54 available to an assessee if the assessee owns 2 apartments and applies the LTCG from sale of one apartment to purchase a new apartment within 2 years of sale?
Please also advise when does 3 year period for computation of LT asset begin? Is it from the date of the initial allotment of an apartment? Or is it after the full purchase price (over the 3 year construction period) has been paid and the final handover has been completed by the developer?
Replies (1)
Section 54 is applicable as it is transfer of residential property. The period of 3years begins from the date of completion of construction of the house property, possession of the house property is not the criteria.
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