banner_ad

Section 54f

This query is : Resolved 
Profile Image

Profile Image

(Querist)
19 December 2011 EXEMPTION UNDER SEC. 54F is available if

For Purchasing a new house - It should be purchased within one year before, or within 2 years after, the date of transfer of the original asset

For constructing a new house - The construction should be completed within 3 years from the date of transfer of original asset.

One of assessee has purchased a N.A.land FOR RESIDENTIAL PURPOSE before three months of transfer of original asset, can the assessee avail the benefit of Sec 54 F if he completes the construction on the said PLOT within a period of THREE YEARS as stipulated in the second condition of Sec 54 F
Profile Image

CA PARAS BAFNA

Profile Image

CA PARAS BAFNA (Expert)
19 December 2011 Yes, he can avail benefit to the extent of cost incurred after the sale of original asset. In my view, construction cost will qualify for deduction in this case as land has been acquired prior to the transfer.
.
The unutilised amount can be kept in a separate bank a/c known as Capital Gains Savings Bank A/c.
Profile Image

Ratan Sharma

Profile Image

Ratan Sharma (Expert)
20 December 2011 Opnion differ from expert. Total investment made will qualify for deduction including cost of land.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details