54 f

Save Share

This query is : Resolved

gaurav (Querist)
Follow

16 March 2009 in sec 54f it is written that assessee can construct house after sale of original asset.

my querry is, If construction started before sale of original asset but completed after sale than can that constructed house be eligible for exemption u/s 54f

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
Follow

16 March 2009 Construction can be started 1 year before the sale of original asset.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

16 March 2009 i support Mr. Sharma

gaurav

gaurav (Querist)
Follow

16 March 2009 Dear brother where it is written in sec. 54f that construction can be 1yr before sale. it is not written anywhere in 54f.

one year before sale is written for purchase of house not for construction

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
Follow

16 March 2009 In my opinion, What is given in 54F is that house must be constructed within three years. The interpretation is that construction must be completed within three years. Period of starting of construction is not given in 54F. So my view is that construction can start even before, but should be completed within three years after the sale.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
Follow

17 March 2009 I support Mr.Tarun

gaurav

gaurav (Querist)
Follow

17 March 2009 Brother views of a person is seperate. but we can not win case before ito on our views. we have to present confirm interpretation of law.

So is there any big case law on this matter which will help me in this case.

gaurav

gaurav (Querist)
Follow

17 March 2009 .

M KRISHNAKUMAR

M KRISHNAKUMAR (Expert)
Follow

17 March 2009 criteria of within 1 year before in sec 54F is applicable only if house property is acquired and not in the case of construction. If construction it shall start at any time but it should be completed within 3 years from the date of transfer of asset. if so sec 54F is eligible

Message likes : 1 times

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

17 March 2009 i support Mr. Tarun views even i interpreted in the same manner and supported Mr. Sharma`s view.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
Follow

19 March 2009 Also check this week's Monday's Economic times supplementary Investor guide pg.3

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now