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Section 54F

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(Querist)
22 July 2009 Sir,
I have a querry about admissibility under section 54F. One of my clint sold the Lond term capital assets (Plot) during the previous year (Aug. 08) at Rs. 29 Lakh.. Two months before transfer of property he purchased another residential plot (June 08) at Rs. 12 Lac.

- Whether the party can claim the deduction U/S 54F ifor the land value Rs. 12 Lac, if the rest amount is deposited under deposit scheme before due date for construction of house.

Whether the deduction is available for construction cost only or the cost of land also in case of future construction within the specified period

Kindly guide me as earliest
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 July 2009 The crux of the question is cost of land is eligible for deduction u/s 54F. Answer is yes because cost of land is an integral part of the cost of the residential house,whether purchased or constructed.

Reference:-CBDT Circular No. 667 dated 18/10/1993.
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