I have sold a long term property on 10.11.2009. However I have made payment for new property earnest money(20% of total value) from 2007 till 10.07.2008 and balance 80% of the value was paid on feb 2010 by way of loan from bank. date of agreement of new property is on 10.07.2008 ana actual possesiob is on feb 2010.Can i get an exemption under 54 for purchase of new property against capital gain on sale of old property. Pls reply with case laws if any
Exemption under sec 54
Replies (1)
Section 54F
(2) Where the assessee purchases, within the period of 36[two years] after the date of the transfer of the original asset, or constructs, within the period of three years after such date, any residential house, the income from which is chargeable under the head “Income from house property”, other than the new asset, the amount of capital gain arising from the transfer of the original asset not charged under section 45on the basis of the cost of such new asset as provided in clause (a), or, as the case may be, clause (b), of sub-section (1), shall be deemed to be income chargeable under the head “Capital gains” relating to long-term capital assets of the previous year in which such residential house is purchased or constructed.
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