Taxpayer Qualifies for Exemption u/s 54 for Sale of Residential Property; New Home Acquired Within Two Years.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Exemption u/s 54 - sale of residential property OR vacant land with malba - From the Clause of collaboration agreement, it can be seen that what was transferred / handed over to the builder was the existing structure of the residential property - assessee permanently dis-possessed of 2nd floor onwards in old and new residential property which was long term assets - since new residential property was acquired within two years from the date of transfer - eligible for deduction....