One of My client had purchased residential flat in FY 1998-1999 for Rs.294370/- and same was sold in
FY 2013-14 dated 13/03/2014 for Rs.1670000/-.
For taking the benefit of Sec 54 he already had purchased flat for Rs.1682511/- via regd. Date 22/02/2013 and actual ownership transferred dated.22/05/2013 as per municipal records.
As per sec 54 transferor should have purchased residential property within the period of one year before or two year after date of transfer.
So for taking the exemption under sec 54 which date should I considered: - whether regd. Date of possession date.
If I considered Regd. Date i.e. 22/02/2013 then condition not fulfilled. But
If I considered Possession Date i.e. 22/05/2013 then condition fulfilled.
Regads,
Saumit Patil
Additional data for calculation
Dear All,
My Old flat purchased (Panvel Raigad Maharashtra) on dt. 25/11/1998
consideration 2,81750/-
value for stamp duty: 4,16,500/-
stamp duty paid rs. 8400/-
Registration expenses:4220/- ( if deemed fit you may add up improvement cost of Rs. 100000/- immediately after acquisition and 100000/- more immediately before its disposal)
Now the sales details:
dt of sale 13/3/2014
Name of the purchaser: Ganesh Kondiram Gaykar
Advance paid on dt: 20/12/2013 Rs. 50000/-
Final payment on 13/3/2014 Rs. 16200000/- ( so total consideration Rs. 16,70,000/-)
Market value Rs. 1665000/-
Details of New property purchased:
Address of the property:House No:B/902-A,Thengode P.O, Kakkanad Village,Kanayannoor Thaluk, Kochi -30
Cost of acquisition:(Registered Value: Rs. 15,25,000/-+ Stamp Duty: 1,22000/-+ Regn. Fees . 35,511/-
Dt of Registration : 22/2/2013.
Name of the transferee: SREEKUMAR.S
Dt: on which ownership transferred : 22/5/2013 ( ie., the date on which Muncipal Corporation changed the name of the owner from old owner's name to mine. Thrikkaakkara Muncipal Council Order No: R1/8262/2013 dtd: 22/5/2013)
Details of flat sold is with you
Give emphasis on dt of initiation of selling procedure ie., you would find advance payment of Rs. 50000/- on 20/12/2013 out of total cost of Rs. 16,70,000/-. Balance payment of 16,20,000/- was received through RTGS into my Account30596320891, with SBI Cherthala Branch on 12/3/2014
So there is a difference of 26 days more than the prescribed one year between registration if you stick on to Registration dates for limitation. So you decide which date is to be considered
CAclubindia
