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54F exemption
what if assessee fails to construct the house within 3 yrs or if he does not start construction. what will be the tax treatment for the exemption claimed u/s 54F
Replies (5)
Whether assessee deposited any amount under capital gain account scheme, 1988?
no, he claimed exemption for construction within 3yrs but the entire net sale construction is utilized to purchase the vacant site itself and now he did not have enough funds to construct house. now what to do is my question
and he admitted that he can't construct within 3yrs
As the condition u/s. 54F not satisfied within stipulated time period, the exemption claimed earlier will get revesed in fourth year, unless he is in the process of construction.
why can't he reverse it in 2nd yr and how to calculate tax
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