Sec 54f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2017 ASSEESEE WANT TO SALE PLOT (LONG TERM) AND WANT TO BUY A RESIDENTIAL HOUSE.
ASSEESEE HAVING ALREADY A RESIDENTIAL HOUSE AND WANT TO BUY ANOTHER RESIDENTIAL HOUSE.

WHETHER ASSEESEE CAN CLAIM EXEMPTION UNDER SECTION 54F OR NOT ????????

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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21 April 2017 Yes he can get exemption if he invests entire sale consideration in construction of new house. ALso construction must complete within 3 years of transfer of old asset i.e. plot.

Querist : Anonymous

Querist : Anonymous (Querist)

22 April 2017 ASSEESEE HAVING ALREADY A RESIDENTIAL HOUSE IN HIS NAME.

NOW CAN WE CLAIM EXEMPTION UNDER SECTION 54F OF INCOME TAX ACT 1961.