Exemption U/s 54F
This query is : Resolved
Chetan Kothawade
(Querist)
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.
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
- EPF ECR NEW FILE SEP 17TH 2026
- Under marginal scheme
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- Import of Software Service.
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- TAX AUDIT ON PROFESSIONAL INCOME
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
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
