Deduction u/s 54F

Rajinder Mahajan   23 July 2019

Rajinder Mahajan

 6 points

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whether deduction u/s 54 F of income Tax Act 1961 on capital gain available when construction of residential house property with in 2 years on pre owned land after sale of residential house property.

Mehul porwal   24 July 2019

Mehul porwal

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Deduction u/s 54F can be claimed if consideration is invested in construction of new house property within 1 year before or 2 years after the date of transfer.

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Suresh Thiyagarajan (Student)     24 July 2019

Suresh Thiyagarajan
 226 likes  3709 points

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1. Sec 54F puts a condition only towards the construction of a residential property 1 year before or purchase within 2 years or construct within a period of 3 years from the date of transfer. 
2. There is nothing wrong in constructing a residential property on land already owned. Since in your case construction got completed within a period of 2 years exemption u/s 54F will remain to be valid. 
Please correct me if the above solution has an alternative view.

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