Section 54f of income tax act
Querist : Anonymous
Assessee sold shares being Long Term Capital Asset for Rs. 10 lacs on 31.10.2011 earning Capital Gain of Rs. 9 lacs.
Assessee has started to constructed a new house on 01.04.2011 and costruction completed on 31.01.2012.
Construction Cost incurred up to 30.10.2011 Rs. 8 lacs and from 01.11.2011 to 31.01.2012 Rs. 5 lacs.
Can the construction cost incurred prior to 31.10.2011 (being the date of transfer of Shares) be eligible for exemption under section 54F?
.
So, construction expenses incurred subsequent to sale of original asset can only be considered for exemption.
.
Querist : Anonymous
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