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Sec 54f

This query is : Resolved 
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(Querist)
14 March 2014 If a person constructs building on ancestral land taken before some 15-20 years can we take benefit of Sec. 54F??

Construction of building is completed well in period of 3 years however the land is ancestral property.

If anyone has judgement in support please do quote them.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
15 March 2014 absolutely yes..you dont have to look for any judgment...purchase/pre-ownership of land is not a criterion for claiming 54F exemption by way of construction of a new house.
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CA. Ronak Kapadia

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CA. Ronak Kapadia (Querist)
22 March 2014 Thank you for your advice ..
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
22 March 2014 you are welcome Ronak....
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