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Sir , i sell a house whose capital gain was 20 lakh on 24th july 2011 and recieved the cheque in advance on 13th july 2011 and i purchased a flat on 18th july 2011 for 15 lakh by the amount i recieved in advance will i get tax exemption asked Sep 04 '11 at 12:01 by aadi 1●4●5●5 |
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Under section 54, you can get tax benefit even if the new property has been purchased within one year before old property sale. So in your case you will be eligible for tax benefit. answered Sep 04 '11 at 14:56 by Pankaj Batra 5.2k●3●20 |