Exemption u/s 54f
This query is : Resolved
05 February 2018
A client has started construction before 1 year of transfer of Non-Agricultural Land.Can he claim exemption u/s 54F regarding investment made during pre-transfer period?
05 February 2018
Exemption under section 54f can be claimed for investment made within the period of one year before transfer. For example if transfer is made on 01.05.2017, investment made in construction after 01.05.2016 will be allowed.
05 February 2018
Can you suggest me any case law for this?
05 February 2018
As per the provisions, Construction of 1 residential house property should be made within 3 years after the date of transfer.Can you please tell me on what basis,you gave the answer?
05 February 2018
Please refer to section 54f in bare act, it says "the assessee has, within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, one residential house in India, the capital gain shall be dealt with in accordance with the following provisions of this section". The three conditions i.e.
1. One Year before the transfer OR
2. Two Year after the transfer purchased OR
3. Three Year after the transfer constructed.
are separated by OR. Hence investment made within one year of transfer will be eligible for exemption.
1. One Year before the transfer OR
2. Two Year after the transfer purchased OR
3. Three Year after the transfer constructed.
are separated by OR. Hence investment made within one year of transfer will be eligible for exemption.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- Reporting Income under Section 44ADA
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
