Sir,
I have a query regarding exemption under section 54. i have sold a house property in A. Y 2012-2013 on which i have a capital gain of Rs 2 Crore. I have purchased a house property, agreement date of which is 2008 but the payment of the same has been made last 2 years. My Question is that can i claim exemption for same under section 54 ??
Please Reply...Thanks in Advance..
No you cant take exemption u/s 54 as the house property needs to be purchased one year before the date fo transfer. Since you ave sold the HP in 2011-12 & had purchased the HP in 2008 whihc is more than one year so exemption can't be availed.
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