Exemption u/s 54/54f
Querist : Anonymous
The assessee has 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 (or from the date of receipt of compensation in the case of compulsory acquisition), a residential house (hereinafter referred to as “new house”).
Otherwise the exemption will be roll back and there would be long term capital gain...
Querist : Anonymous
i.e. for claiming deduction u/s 54 , only purchase of residential plot is not sufficent , assessee has to construct or purchase house within specified period,so in this case asseess can't get exemption.
You have to construct or buy a residential property for claiming the exemption...
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