Exemption U/s 54F
This query is : Resolved
22 October 2008
Assessee has sold plot in FY 2007-2008
He has started construction of House
in FY 2005-2006 & completed the same in FY 2007-2008 ( after date of sale of Plot )
Can Gain arising out of the above Sale proceeds can be exempted U/s 54F.
Capital Gain Rs. 10 lacs
Cost of Construction in -
FY 2005 - 2006 Rs.5 lacs
FY 2006 - 2007 Rs.3 lacs
FY 2007 - 2008 Rs.1 lac
He has started construction of House
in FY 2005-2006 & completed the same in FY 2007-2008 ( after date of sale of Plot )
Can Gain arising out of the above Sale proceeds can be exempted U/s 54F.
Capital Gain Rs. 10 lacs
Cost of Construction in -
FY 2005 - 2006 Rs.5 lacs
FY 2006 - 2007 Rs.3 lacs
FY 2007 - 2008 Rs.1 lac
22 October 2008
Condition is constructs a residential house with in three years after the date of sale of
the original asset. Therefore construction expenses of F.Y 2007-08 incurred after the date of sale only is eligible u/s 54 F on proportional basis.
the original asset. Therefore construction expenses of F.Y 2007-08 incurred after the date of sale only is eligible u/s 54 F on proportional basis.
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