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Deduction u/s 54f of the income tax act
My colleague Sold a plot of land on 10/03/2017 for Rs 18,00,000, resulting in LTCG of Rs 14,00,000. Purchased a reidential flat for Rs 10,34,000 in june 2016: 7 lakh loan from IDBI Bank, 10 Lakh from GPF and 34000 from salary. Can he claim exemption u/s 54F?
Replies (1)
Yes, in the same ratio of 10.34 to 18 of 14 lakhs.
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