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Exemption u/s 54f

CA Paras Dawar (-) (602 Points)

06 December 2011  

If i've sold jewellary for15lakh on 1 March 20X1 and I've a house under construction which is set to complete by 30 June  20X1 with a cost of40lakh. I  claim deduction u/s 54F for Cap Gain on15lakh for year ending 20X0-20X1.

If i again sell Jewellary worth10 Lakh on 20 June 20X1, that is, before completion of construction of the house, will I be able to get exemption u/s 54F for the year ending 20X1-20X2, that is, again on the same house being constructed..??


P.S.....Act is silent in this regard. If there is any case on this, please quote it as well.

 1 Replies

Dhawal Mohnot (Practicing) (444 Points)
Replied 06 December 2011

did not find any reevant case law. But when the act is silent we an always assume and proceed with the format which is best suited to the assessee. Would repost if i find any case law.

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