As per Section 54F, Capital Gain proceeds should be used in Purchase or construction of Residential House with in a period of 2 years and 3 years respectively. Can any one discuss the issue as to in case of construction of house whether the house should be completed and if yes what should be the stage of completion and how to prove to the satisfaction of assessing officers as to that the house has been completed. As per the reading of the section 54F I interpret that it would be enough if I prove that the amount equivalent to the Capital gain has been utilised in construction of the House.
CAclubindia
