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.