Exemption u/s 54f
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2015
Dear Sir/Madam,
I Had an Confusion that if Fixed Assets other than Residential Property is sold in FY 2015/16 and consideration is invested in New Residential house can exemption be claimed u/s 54F in AY 2016/17.
I Had an Confusion that if Fixed Assets other than Residential Property is sold in FY 2015/16 and consideration is invested in New Residential house can exemption be claimed u/s 54F in AY 2016/17.
CA. Sunil Gokhale
(Expert)
04 June 2015
Yes. If consideration is not invested before filing of return then the amount must be deposited in capital gain scheme account prior to filing of return for AY 2016-17. The deposit to be used within two years for purchase or three years for construction of new residential house from the date of sale of the asset.
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