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Exemption u/s 54/54f

pawan gupta (Student CA Final ) (46 Points)

11 December 2015

whether exemption u/s 54/54f can be claimed, if y purchased a Plot of Land but can't make construction

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3 Replies

CA Gaurav Ramchandani (NA) (193 Points)
Replied 11 December 2015

No he cant claim exemption he has to compulsory construct the house then only he can claim exemption

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jaya krishna (Chartered Accountant) (262 Points)
Replied 11 December 2015

U can purchase land along with small shed or house for residential purpose u can eligible for this section.... In sale deed just includes word along with house..

PALLAVI (Student CA Final ) (42 Points)
Replied 12 December 2015

To claim exemption u/s 54 / 54F, one should buy or construct a house, wherein the cost of land on which house has been constructed should be taken along with the cost of house to claim such exemption. Hence buying a plot of land cant be claimed as exemption .