Claiming 54f deduction

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21 Points Posted on 25 March 2019

Dear Friends,

I have sold 6 Sites for Consideration of Rs.6Crore & Claimed deduction 1Crore u/s.54F on a/c of purchase of Residential property for F.Y 2016-17. In F.Y 2017-18 I have sold 5Sites @ 5.2Crore.In this year i have also spent Rs.35 Lacks on Residential property purchased during 2016-17,Can such expenditure of Rs.35 lakhs under section 54F during F.Y 2017-18,Kindly help me regarding the issue.

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On 25 March 2019 at 17:04 Report
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Practicing Chartered Accountant
1307 Points Posted on 25 March 2019
No benefit of Rs. 35 Lakhs cannot be taken under sec 54F as it is incurred on property purchased in FY 16-17.
For Sec 54F, you need to invest in new capital asset.
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On 25 March 2019 at 17:56

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