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Lockin period u/s 54F

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Kalpesh Joshi

6 Points Posted on 11 March 2023

Hey , i have availed u/s 54F for purchase of residential flat against my long term gains.

There is one condition for 54f in which are can not buy new residential house within some prescribed period, is that limited to residental flat/ house only OR open plot also?

I was planning to buy one open plot as a investment purpose. No plans to build anything upon it to qualify as a residential unit. Is it allowed or not allowed. Thanks and regards.

Replies (6)

Quick Summary

This discussion clarifies the lock-in period requirements under Section 54F of the Income Tax Act. It confirms that purchasing an open plot for investment purposes is permissible within the Section 54F rules, even if it's not immediately intended for construction. The thread also briefly touches upon challenges and alternative methods for making tax payments, such as online challans and card payments, as the portal's bank selection can be limited.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212419 Points Posted on 11 March 2023

Yes, it is allowed.

MPR Sanjay Kumar

3145 Points Posted on 11 March 2023

@ Honourable Dhirajlal Lal rambhia sir ,

income tax portal shows only selective banks for generating challan to bank counter...

could you please tell me only IT scheduled banks are eligible to pay???

some banks are not how to proceed

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212419 Points Posted on 11 March 2023

There are other options to try with like credit/debit cards upi payment etc.

You can also pay through TIN challan 280 online, where all the banks are available for payment.

MPR Sanjay Kumar

3145 Points Posted on 11 March 2023

Yes correct my Lord.... So whatever the banks or shown on that list that only available to pay.. otherwise we have to choose another payment option I am right sir