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Exemption u/s 54/54f

pawan gupta (Student CA Final ) (46 Points)

11 December 2015

whether exemption u/s 54/54f can be claimed, if y purchased a Plot of Land but can't make construction

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CA Gaurav Ramchandani (NA) (193 Points)
Replied 11 December 2015

No he cant claim exemption he has to compulsory construct the house then only he can claim exemption

jaya krishna (Chartered Accountant) (262 Points)
Replied 11 December 2015

U can purchase land along with small shed or house for residential purpose u can eligible for this section.... In sale deed just includes word along with house..

PALLAVI (Student CA Final ) (42 Points)
Replied 12 December 2015

To claim exemption u/s 54 / 54F, one should buy or construct a house, wherein the cost of land on which house has been constructed should be taken along with the cost of house to claim such exemption. Hence buying a plot of land cant be claimed as exemption .