Tax query

Tax queries 640 views 3 replies
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CHARTERED ACCOUNTANT
297 Points Joined November 2009
DEAR FREINDS IF AN ASSESSEE SALES A RESIDENTIAL PROPERTY AND PURCHASES ANOTHER PROPERTY ON LEASE CAN HE CLAIM BENEFIT OF SECTION 54 OF THE INCOME TAX ACT ... PLEASE REPLY ITS URGENT
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On 23 January 2013 at 11:14 Report
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Time Limit For Acquisition of RP u/s 54-- with in 1 yr before or 2 yrs after the date of trf (if purchased) or 3 yrs after the date of trf (if construction)

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On 23 January 2013 at 12:11
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Article Assistant
49 Points Joined January 2013

How can an Assessee claim deduction u/s 54 when the property is taken under lease agreement ?

Since Rights of OWNERSHIP is not transfered to him.

 

Deduction u/s 54 is available only when one Residential property is sold and other Residential property is purchased

1 year forward and 2 years backward in case of Purchase.

3 years forward in case of Construction.

 

Thank You.

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On 23 January 2013 at 13:30
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Account and Audit Assistant
33 Points Joined February 2012

You can not get benifit of Sec 54

 

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On 08 February 2013 at 11:18


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