Capital gain sec 54f

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dattatraya (Querist)
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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

CA PARAS BAFNA (Expert)
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27 July 2013 You can claim the construction cost only.
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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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