Exemption under section 54/54f

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gopal (Querist)
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09 December 2015 will exemption under section 54 be available if I have invested the funds only towards purchase oh Land?? Further if i have invested funds to purchase 5000 sq. ft of land but have done construction only on 500 sq. ft , will exemption u/s 54 will be allowed on full value or proportionate amount?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 December 2015 1 Exemption u/s 54 not available for investment in land.
2 As you have constructed a house, exemption u/s 54 is available whether it is a small or big house.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 December 2015 Exemption allowable for 5000 sq ft land along with 500 sq ft building.

Inference - ITAT Jaipur bench decision dated 19-10-2015 in Seema Singh Beniwal Vs. DCIT.

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