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Deduction under section 54

CA Final 178 views 2 replies

Mohit Sharma

6 Points Posted on 27 March 2018

I want to know that whether purchase of residential plot 1year before or 2 year after the sale of any residential plot be regarded as residential house property and can exemption under section 54 be taken for the said purchase of residential plot being the residential house property.

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 27 March 2018

NO.

Unless residential unit is constructed over the plot within stipulated time.....

Parminder Singh

744 Points Posted on 27 March 2018

purchase(READY) : Within 1 year
purchase(BEFORE/DURING CONSTRUCTION) : Within 1 year before or 3 years after; construction to be completed within 3 years of sale

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