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Amount withdrawn from cgas to buy vacant site.
An assesse sold a vacant site and got a Capital Gain of Rs.50 lacs and invested the same in CGAS. Later he withdrew 50 lacs to buy a vacant site with Intention to construct house in the next 3 yrs.Can he claim exemption u/s 54F of the IT act??
Are there any case laws??
Replies (1)
Yes if construction of house would be done on the site purcahsed, then exemption u/s 54F can be claimed for consideration paid towards purcahse of land.
However if only land is pucashed and no construction of building is made then no exemption can be claimed under section 54F
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