As i have sold 1 resedenital house ( through registered sale deed) and purchased new resedential DDA approved house through NOTARISED Ageement to Sale and Posession letter, Registered GPA .............would it create any problem as deal is not through SALE- DEED ...and just ATS ( U/s 54, 54F of IT Act)
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Long term capital gain in case of ats
Replies (1)
Dear Mahesh,
In my opinion there SHOULD NOT BE ANY PROBLEM in claiming exemption under section 54 series because the property has been taken through GPA or ATS because the real intent of Lawmakers is to make sure that assessee has actually utilised the amount in purchasing some other properties.
Similarly is happened when someone is purchasing property through purachse of shares or power of attorney in Co-operative society which remains the actual owner of The building while the allottees only purchase the shares of that Society and they can be the deemed owner of that house and it is clearly a valid transfer under 2(47)(vi). The thing should also be true in the case of purchase as well.
So in my opinion you Must be able to claim exemption under Sec 54 Series.
Thanks.
In my opinion there SHOULD NOT BE ANY PROBLEM in claiming exemption under section 54 series because the property has been taken through GPA or ATS because the real intent of Lawmakers is to make sure that assessee has actually utilised the amount in purchasing some other properties.
Similarly is happened when someone is purchasing property through purachse of shares or power of attorney in Co-operative society which remains the actual owner of The building while the allottees only purchase the shares of that Society and they can be the deemed owner of that house and it is clearly a valid transfer under 2(47)(vi). The thing should also be true in the case of purchase as well.
So in my opinion you Must be able to claim exemption under Sec 54 Series.
Thanks.
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