Sec 54F
This query is : Resolved
Rajasekharan
(Querist)
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
(Expert)
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
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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