section 54F-investment in under construction flat.
This query is : Resolved
CA Sanjay Baheti
(Querist)
09 April 2011
if net proceeds are invested in under construction flat within one year of sale-(structure complete and finishing has commenced,) but possession is not delivered within 3 years,then will the benifit under section 54F be withdrawn?
CA PARAS BAFNA
(Expert)
10 April 2011
The most important thing in Section 54F is the utilisation of the amount for the specific purpose, which has already been done. The requirement of the Section 54F is limited to "Purchase" of a house.
Withdrawal of Benefit generally not takes place unless the assessee himself wishes to do so.
Withdrawal of Benefit generally not takes place unless the assessee himself wishes to do so.
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