Regarding 54 f

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rahul

rahul (Querist)
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16 January 2019 assesee can claim for both property purchase and construction allowable in act or not

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 January 2019 kindly be generous and properly draft your query.

rahul

rahul (Querist)
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16 January 2019 property sales 35,56,000/- date 15.05.2013
cost of acq 2,67,941/-
cost of improvement 3,48,829/-
capital gain 29,39,230/-
residential property purchase 13,57,000/-
cost of construction 13,91,691/-

A. O IS denied for cost of construction
please clarify regarding section 54 F

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 January 2019 when you say residential property purchase - what did you exactly purchase - a plot/land or an already habitable house/floor?

rahul

rahul (Querist)
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16 January 2019 date of property purchase is 31.07.2012
and construction after sale of property

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 January 2019 I didn't ask that. I asked what was the nature of the property that you purchased.

rahul

rahul (Querist)
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16 January 2019 residential property purchase

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 January 2019 then how do you intend to claim both? you would be eligible only for one deduction - either for cost of purchase of house property or for construction of a house property