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Deduction under section 54
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)
NO.
Unless residential unit is constructed over the plot within stipulated time.....
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
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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