54f
This query is : Resolved
vineesh chandran.k
(Querist)
25 July 2016
Long term capital asset (other than residential house property) sold.
Net consideration 60lakh.
Can I claim exemption u/s54F by constructing a building in my own land?
CA. Sunil Gokhale
(Expert)
25 July 2016
Yes, you can claim exemption by constructing a house on your land.
28 July 2016
Exemption u/s 54F is available to Individual or a HUF. The asset sold may be located any where i.e. in India or outside India. The purchased (before a year or 2 years after transfer of capital asset) or constructed (before a year or 3 years after transfer of capital asset) a residential house in India subject to applicability of capital gains deposit scheme with any public sector bank.
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