Legal Question in Tax Law in India

Income Tax Act

Please refer to section 54, column no.2 for conditions. Please see the 4th condition.

�Within one year before or 2 years after the date of transfer, a residential house is purchased or within a period of 3 years after the date of transfer, a residential house is constructed�.

In my case, I am now selling my virar flat and want to take exemption against the Mira Road flat which I purchased on 7.6.2008. Does it mean that the date of sale agreement of my virar flat should not be beyond 6.6.2009.

Please let me know whether the highlighted portion in the section, i.e. �the date of transfer� refers to the date of sale agreement of an old flat or the date of transfer of the said old flat in the name of the transferee in the society records. i.e. the date of resolution passed by the managing committee giving effect to the said transfer.


Asked on 5/12/09, 6:06 am

1 Answer from Attorneys
Fahri Toga TOGA//OKSUZ

Re: Income Tax Act

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Answered on 5/13/09, 4:08 am


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