Dear friends,
One of my client has sold the new house within 1 year from the date of acquisition after availing deduction U/S 54G.In such case deduction allowed earlier will be withdrawn .But what will be the situation if he purchases another new house in the same year and invested the entire sales consideration in the new house...Plz. clarify..
he claimed exemption under 54f of 54G?? 54G is for transfering from urban to rural na?
dear somesh
plz specify that ur friend claimed exemption under section 54 or 54F. this is sure that this is not section 54G.if he claimed exemption under sec 54 then he will be liable to pay stcg but if covered under sec.54G then he will be liable to pay stcg and for earlier exempted amount he can claim exemption again.
regards
tarun rustagi
RMA And Associates LLP
New Delhi
CA Inter
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Abic and Mani Chartered Accountants
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