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Can i take benefit of 54f on LTGC

Tax queries 122 views 3 replies

sameer

21 Points Joined April 2020

I have sold a plot which i bought in year 2014 on July 2019. I am thus required to pay LTCG.

My Question is whether or not I can take benefit of Sec 54 F against this sale for purchase of residential flat from a builder which I had booked earlier on August 2016 and 95 % payment was done then only, however I have got possession letter from builder in May 2019 and registry was done in February 2020.

Thanking you in anticipation.

Replies (3)

rama krishnan

12244 Points Joined May 2017

In my opinion, no 54f deduction won't available to you

RAJA P M

"Do the Right Thing...!!!"

128121 Points Joined January 2015

Yes... I agreed to Mr Ramakrishnan view...

Benefits as per sec 54F not available in this transaction...

CA ABHAY GUPTA

Practice

3235 Points Joined August 2009

Tarun Jalali Vs DDIT (ITAT Delhi)

Where construction of house was commenced even before the date of transfer of original asset, but it was completed within three years after the date of transfer, deduction under section 54F was admissible.