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Section 54f

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 July 2013 Bought a plot with an intent to build a house within 3yrs and claiming exemption under section 54f.
But due to some reasons what will happen if I buy a ready to move-in flat within 2yrs instead of constructing a house in the purchased plot.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
20 July 2013 Your secret intention was not make known to the IT Department. It only was told that you will purchase or construct the house within the prescribed time limits. So, do the desired by maintaining the prescribed time limits.
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