21 August 2017
Hi sir,
My query is if the Part of freehold urban land is sold and consideration is used to repay the house loan taken for constructing new house, which was started one year before the date of sale of land, so section 54F is applicable in this case or not.
21 August 2017
Purchase of the house should be within one year from the date of sale of the Long Term Capital Asset. In this case, since the house was purchased more than a year before the sale of the LTCA, benefit of Section 54F will not be available
CAclubindia
