Question ID :
44387
Exemption U/S 54/54F for self constructed Residential House
if new self construction property completed (OC Received) within 1 year before sale of old property, can we consider it as "purchase" and claim exemption
or
provision is silent on before construction property (specifically mentioned construction should be completed within 3 Years after sale of property) and claim exemption.
Any case law available in such scenario
Posted by
CA. CHAVAN TRUPTI GAJANAN
on
Dec 21, 2022
Filed Under
Capital Gains
Construction cannot precede sale of original asset per act and case law reported in (1981) 129 ITR 218 (Guj). No case law with me to equate construction and purchase.
Posted by
B.CHACKRAPANI WARRIER on
Dec 22, 2022