Section 54f

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ONKAR (CA FINAL) (Querist)
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09 May 2012 I have sold my Plot situated at urban area and new plot is taken in urban area during the same year so that i can save capital gain tax for the year.But my confusion is that wheather i am eligible to claim exemption u/s 54F,because Plot is purchased for Residential construction and construction is still in process on new plot purchased. Other criteria for claiming exemption u/s 54F are fullfilled.

Please help me at the earliest regarding this issue.

CA CKP

CA CKP (Expert)
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09 May 2012 Dear Onkar,

You are eligible to claim exemption u/s 54F.In my view for claiming exemption u/s 54F, what is required is to start the construction within 3 years, not to complete the construction in 3 years.

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