Exemption u/s 54f

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Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2011 If assessee construct building with 4 floor and 4 individual houses in each floor. Can he calim deduction u/s 54F on entire construction cost. if possible pl quote case laws.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 October 2011 The provision u/s 54F provides for investment of sale proceeds in purchase or construction of “a residential house”. So ,prima facie,the exemption is avalable for one residential house purchase or construction only .

For case laws you may refer
i)I.T.O v. Ms. Sushila M. Jhaveri [2007] 107 ITD 327 (Mum-Tri).

ii)B.B. Sarkar v. CIT [1981] 132 ITR 150(Cal).

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