Exemption u/s 54f

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kunal (Querist)
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09 September 2013 dear experts
Mr. A long term capital gain on sale of shares is Rs. 70,00,000

Mr. A purchased one residential plot before 5 months from the date of sale of shares.
after sale of shares he started construction on that plot..

please tell can Mr. A avail Exemption u/s 54F in that case.??

further Mr. A purchased 2 other plots in his name..
if he construct another residential house in next year, what will happen?

CA Pallav Singhania

CA Pallav Singhania (Expert)
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09 September 2013 Exemption is available under section 54F,

The assessee is an individual or a Hindu Undivided Family (HUF).
The asset transferred is any long-term capital asset but other than a residential house.

However,
The assessee should not own on the date of transfer of the original asset more than one residential house (other than the new house). He should also not purchase within a period of two years after such date or construct within a period of three years after such date any residential house whose income is taxable under the head “ Income from House property”(other than the new house).

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kunal

kunal (Querist)
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09 September 2013 sir my man doubt is assessee purchased a plot of land before the sale of shares and started construction after sale of shares...

now please tell can he also claim the cost of plot as exemption u/s 54F

CA Pallav Singhania

CA Pallav Singhania (Expert)
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09 September 2013 Yes, you will get exemption is this respect...

kunal

kunal (Querist)
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09 September 2013 thank you very much sir..

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