Sec 54F

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Rajasekharan (Querist)
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21 February 2011 A person sells a long term capital asset for 2 crores. He constrcucts a residential house costing 2 crores within the stipulated time of three years. He also avails a housing loan of 1.75 crore. Can the benefit of exemption u/s 54F be denied for the reason that he avails a housing loan?

CA Sanket M Shah

CA Sanket M Shah (Expert)
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21 February 2011 Following Condition should be met for claiming exemption u/s 54F
1) Person must not avail more then one residential unit other than these residential unit.

2)Whole of net consideration should be invested for construction within period of 3 years of sale or in case of purchase, house can be purchase one year before or 2 years after the sale consideration.

There is no other condition for claiming exemption u/s 54F.

Therefore benefit of exemption u/s 54F can be availed though a person avail housing loan

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