Assessee had jointly held a plot of land which was sold in 1987, latter on the area was encroched by several peoples.
In 2011-12 to resolve the title the assessee exucuted deed of conveyance(seperate for assessee share) in favour of purchaser for a cosideration of 40lac.
In the same year he re-invested in a residential property for Rs.40lacs
My query is that whether he will be eligible for the ded u/s 54f.
YES IN MY OPINION U WILL BE ELIGIBLE FOR EXEMPTION U/S 54F SINCE THE TRANSFER HAS ACTUALLY BEING TAKEN PLACE ON 2011-12 .THAT IS CONVEYANCE DEED HAS EXECUTED IN THAT YEAR AND FOR EXEMPTION NEW RESIDENTIAL PROPERTY SHOULD BE PURCHASED/CONSTRUCTED WITHIN 3 YEARS OF TRANSFER FOR CLAIMING EXEMPTION UNDES SECTION 54 F
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