Capital gain sec 54f
This query is : Resolved
dattatraya
(Querist)
27 July 2013
Suppose I sold a land for say Rs 50 lakhs in FY 2012-13 & want to invest u/s 54F. I already have another plot on which i wish to construct house to claim exemption under this section. The said plot on which i wish to construct house is purchased in 2000-01. Can i claim exemption only for construction cost as i already have a plot of land? I think i can but i want confirmation. I will be glad if any one can give answer with reference of case law.
CA PARAS BAFNA
(Expert)
27 July 2013
You can claim the construction cost only.
.
If the sales consideration is still lying with you and have not been completely spent put it in Capital Gains Saving Account before 31.07.2013.
.
.
If the sales consideration is still lying with you and have not been completely spent put it in Capital Gains Saving Account before 31.07.2013.
.
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