Exemption u/s 54f

Dear Pawan

For awailing of exemption U/S 54 F some condition is require

1:- the assessee does not have a residential house property more then one at the time of sale consideration

2:-the amount of rs. 7 lac can;t be invest in existing residentail house property

3:- require to invest the said gain amount in a new residential house property or land within 02/03 years after the sale  consideration

yes, construction of a new floor in an existing building amounts to a new contruction as per varoius case law decisions ... benefit of sec 54F can be availed fr the same....

Dear Sunshine

clearly mention in income tax act  u/sec 54 F

require to acquire  a new residential house or constructd any land

not construct in existing property

IF SUCH TYPE OF MATTER INS DISCUESS IN ANY LAW  PLS PROVIDE THE SAME

rgds

S.S.RAWAT