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Deduction u/s 54F
X purchased a land in 1988 for Rs 1,25,000. X sells the land for 45 lakhs in Feb 2008. X is planning to purchase a house property(currently he has only one residential house property) for Rs 35 lakhs to claim some deduction u/s 54F. Is it wise to do so? Or are there better tax planning measures which he can take?
Replies (1)
To the extent to which (net consideration)he ivests in residential house he can avail the benefit of that section
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