Direct tax-capital gain

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swati sharma (Querist)
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12 March 2014 our client has generated LTCG from sale of plot, now he wants to invest the proceeds in a residential property and claim exemption u/s 54f.
he has two properties as,
1.one in which he is residing
2.the other for which he has given advance under construction linked scheme.
he wants to know whether this advance be treated as having other residential property and consequently will he be disallowed exemption u/s 54f?

Amol S Joglekar

Amol S Joglekar (Expert)
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12 March 2014 54F aims at ONE year before or TWO years after the date of transfer......for purchase of NEW ASSET. If the advance satisfies this condition of ONE year.....54F is available accordingly.

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swati sharma

swati sharma (Querist)
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13 March 2014 Not received accurate reply,need more suggestions..pls

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