Deduction under section 54f
This query is : Resolved
CA Maruti Gole
(Querist)
07 June 2014
Dear Sir
Plz Give your valuable suggestion regarding following case ,whether deduction under section 54F should be claimed or Not ?....
As per Section 54F
(i)The assessee should be an individual or a Hindu Undivided Family (HUF).
(ii)The asset transferred should be any long-term capital asset but other than a residential house.
(iii)The assessee should have purchased, within one year before the date of transfer or two years after the date of transfer or constructed within three years after the date of transfer a residential house.
In my case an assesses Sold his property on 10 Oct 2013. & Constructed residential house on March 2013.(Construction completed b4 Transfer of such property) in this case whether my client eligible for deduction under section 54F.
Please give reply as early as possible ....
Plz Give your valuable suggestion regarding following case ,whether deduction under section 54F should be claimed or Not ?....
As per Section 54F
(i)The assessee should be an individual or a Hindu Undivided Family (HUF).
(ii)The asset transferred should be any long-term capital asset but other than a residential house.
(iii)The assessee should have purchased, within one year before the date of transfer or two years after the date of transfer or constructed within three years after the date of transfer a residential house.
In my case an assesses Sold his property on 10 Oct 2013. & Constructed residential house on March 2013.(Construction completed b4 Transfer of such property) in this case whether my client eligible for deduction under section 54F.
Please give reply as early as possible ....
07 June 2014
please refer ii above it says other then residential house property.
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CA Maruti Gole
(Querist)
09 June 2014
But Tushar Sir Transfer property is not a Residential house property . It's a Land........ then what to do in this case ?
09 June 2014
if land was transferred then ur eligible for sec 54F.
CA Maruti Gole
(Querist)
09 June 2014
But Construction of house was completed B4 transfer of land... taht's way i have a confusion about the deduction , can it be taken ?
09 June 2014
then backdated consturction is allowed for 1 year but u must invest the capital gain after rec it in such construction.
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