Section 54

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31 Points Posted on 29 August 2012

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..

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On 29 August 2012 at 17:18 Report
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7558 Points Posted on 30 August 2012

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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On 30 August 2012 at 08:25

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