Certainly. To claim an exemption, you must provide evidence of ownership, such as a purchase agreement or other legal documents related to the new house property. Additionally, making sizable down payments further supports your exemption claim. While possession of the house property is crucial for validating the purchase, especially in the absence of final sales deed registration, it's recognised that possession might be beyond your control during certain stages of the purchase process. In such cases, you can explain the situation to the Assessing Officer (AO) and assert your right to exemption under Section 54.
Can I claim tax benefits U/s 54, if I have sold my residential house and invested the entire proceeds in purchasing a new house from a builder, but have not received possession of the new house yet, even though an agreement of sale is registered?
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