I had purchased 2 residential lands in 2000 and 2003 and have sold them in April 2021 and April 2022 (planned). All dates are registry dates.
- Land 1 sale price: 15L
- Land 2 sale price: 65L
I plan to invest these into purchase of residential flats and avail exemption under section 54F.
- Is 54F exemption applicable if I pool the money from the 2 sales and buy a single flat of 80L?
- Is 54F exemption applicable if I split the money into 40L + 40L for purchase of 2 separate flats in the same building (Jodi flats)?
- For 54F exemption on investment into an under construction project, what milestone does the under construction project need to achieve in 3 years? [e.g. Does possession have to be granted?, or is a contract with the builder enough, or something else?]
I do not own any residential house currently under my name
Thank you
CAclubindia
