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House poroperty - sec. 54f

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 October 2015 hi.....whether exemption u/s 54F is admissible to the assessee if residential property is sold and agricultural land is purchased.
Well, my point of view is that the exemption can be claimed by constructing the property on this agricultural land since I.T. Act nowhere restricts the construction of property on such land. What it requires is the residential property construction/ acquisition. Please share your thoughts.
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Amol S Joglekar

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Amol S Joglekar (Expert)
05 October 2015 yes, your view is right subject to however the construction must be completed within a period of 3 years...etc etc...
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