how to claim deduction u/s 54 F

Tax queries 536 views 2 replies

If an indiviual have sold its resendital house proerty & then he has booked a house with a bulider & part payment has been made but the bulider has not given the possession,it is more than 3 yrs has been escaped been housed booked,

 

& the section has said that for claim the deduction a house sholud be purchsed with in a 2 yrs of sale or to be constructed with in 3 yrs.

so pls help me, what to do in the case,sholud he has to deposited tax on capital gain or not

 

thnks in advance

Replies (2)

In this situation, then the whole amount which is exempt earlier is treated as income of assesse and he is required to pay tax on it. 

but dear friend

 

what is the mistake of the assesse he has not done any wrong thing it is only the defect of the bulider who has not given him the prossession. with in the presibe time period

 

its not the falut of the asseesse.


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