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Tax query
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
Replies (3)
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)
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.
You can not get benifit of Sec 54
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