I had sold my flat for Rs 50 lacs on 3-5-2012 by way of sale deed but prior to registering the sale deed I had agreed with the purchaser that I would re paint the flat and do all the repairs in the bathroom and WC and balcony before handing over the physical custody of the flat inspire of a concluded sale deed within six month.Hence I was busy in getting the said flat repaired as agreed the was a delay from my side in investing in capital bonds for a period of SIX MONTHS for Rs.50 lacs, which I should Have done it with in period of six month from the date of sale deed I.e receipt of consideration of Rs.50 lacs.I after doing the repairs in the flat to the satisfaction of the purchaser gave custody of the flat to the purchase after a period Seven months from the date of sale deed ,BUT I took a letter from the purchaser in my favour that flat has been repaired to his entire satisfaction and custody has been handed over to him.
I wish to know whether I can claim benefit of sec 54 EC. Further I fear that it may be dis allowed and I may have to pay tax.
I wish to have sone Tribunal,High Court or. Supreme Court judgements in this respect for which I may obliged and thank you for the same
I wish to know whether I can claim benefit of sec 54 EC. Further I fear that it may be dis allowed and I may have to pay tax.
I wish to have sone Tribunal,High Court or. Supreme Court judgements in this respect for which I may obliged and thank you for the same