30 May 2013
Sir, One of our client sold agriculture land and i need clarification regarding the following: i. Sale consideration received through DD and credited in bank account. ii. Property of ancestral nature and long term asset. iii. Assessee constructed building consisting of commercial complex and residential house combinely above the value of sale consideration and construction commence 6 month before date of sale. iv.The sale consideration received in bank account not utilised in the construction, instead retained earnings utilised. v. Assessee having another land and his spouse is going to construct house by obtaining loan from bank. I.Whether assessee eligible for deduction u/s 54F II. Caselaws supporting the claiming of exemption u/s54f
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