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Q. > Please Help: Income Tax
One of our client has sold his property (long term )in F.Y. 11-12 and purchased another property in the same F.Y. But payment was not made in full. However, the possession as well as the Agreement Deed is under the name of our client.Whether exemption u/s 54F is allowed against the purchase of new property?
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Comments
CA.Sumeet Singhania
25-Mar-2013 , 06:28:10 pmI feel that the exemption should be allowed if there is an adequate proof to justify that the new sale deed is equivalent or greater than the amount of capital gain derived out of the sale of old property. Exemption u/s.54 is also allowed if the new invest. is done out of borrowed funds and the gain is realized subs.. In your case, if the sale deed for new property is done w/o full payment, it is deemed to be on credit/ borrowed funds.
Sweety Vohra
26-Mar-2013 , 10:23:33 amThnx Sumeet.The agreement for the new property made in the current F.Y. But the payment was made in the next F.Y.In such a case, when the exemption u/s 54 will be allowed?
CA Dilawar Singh Rawat
26-Mar-2013 , 12:33:36 pmno deduction is not allowed because section 54F are not applicable on trf of house property
PANKAJ KUMAR GARG
27-Mar-2013 , 02:41:33 pmBenefit u/s 54 / 54F is allowed in the year of transfer / sale of asset as the new property can be purchased within two year of sale /transfer of old property.