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54 F of the income Tax Act1961
I have sold two plots in December 2019 and I have invested in the construction of a new house. The land was already purchased in April 2018. Whether or not I can avail benefits under Section 54F of Income Tax Act for both plots
Replies (5)
Yes, you can avail benifit of Section 54F of Income tax Act, 1961
Yes you can avail benefits of 54 F.
Taxpayer selling multiple properties( 2 plots in your case) & invests in one residential house is eligible to claim deduction u/s 54F. House should be constructed within 3 years from the date of transfer.
However , there are many case laws where deduction is not denied even though construction not completed within 3 years .
If you have not started construction within due date of return filling, you will get deduction u/s 54F, if you deposit Net sale consideration in Capital Gain Account Scheme.(CGAS)
Thank you
Most welcome......
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