Dear all
A person purchased a residential site for Rs 2 laks in the year 2005. He sold the same site for Rs 7 laks in 2020 and utilize the money for another site purchase in the same year. How the case is to be considered at the time of Income tax return.
Please guide in this regard.
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Replies (6)
As per above mentioned details, you can claimed exemption u/s 54.
Thank you
Welcome ji..sunil kumar ji
To claim deduction under 54F, the entire sale consideration should be invested in house property. since purchase of house site is also part of investment in house property, it's eligible for claim deduction under section 54f however make sure that you construct a house property in the new house site within 3 years from the date of sale of old house site
@ Mr Rama krishan
To claim exemption u/s 54F, transfer property should be other than residential house property
In above case, the assessee is transfer residential site.
To claim exemption u/s 54F, transfer property should be other than residential house property
In above case, the assessee is transfer residential site.
@ mr. yudhishthir, residential site means land property .so on sale of residential site only 54f deduction can be claimed and not 54
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