Sec 54f

This query is : Resolved 
 


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 Abhishek Goyal (Expert)
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) 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.





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