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Exemption u/s 54f

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 March 2013 If an assessee sells his land to a promoter and within three years the promoter constructs 4 flats in that land and gives the assessee 2 flats, will the assessee get exemption u/s 54F for both the flats or just for one of the 2 flats received ??
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 March 2013 Exemption u/s 54F is allowable for one house only.

If assessee has purchased more than one house, choice will be with assessee to select on which house he wants to avail exemption u/s 54 F as the case may be.

However, if more than one unit is purchased and made into one unit for the purpose of residence, it will be considered as one house for claiming exemption u/s 54 F.
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 March 2013 Thank you.
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