Hai,
One of the assessee's has claimed exemption under 54F while filing return of income. The facts are as below:
1) Compulsory acquisition of land in Oct 2007.
2) The assessee constructed a property in November 2006 and claimed exemption u/s 54F showing the cost of construction as investment stipulated under section 54F.
Whether the stand is correct ? Can an assessee claim exemption u/s 54F when he has constructed property before sale of asset? Is there any case law supporting the assesse's stand?
Replies at the earliest would be highly useful and appreciated.
CAclubindia
