Hi, I am having doubt in claiming exemption under section 54F. Kindly clarify.
I am having two property, one is residential and another one is plot bought in 2003. Now I am selling my plot and I will buy the another plot within 2 years. Now can i claim the benefit of section 54F.
Exemption u/s. 54F is available only if you purchase or construct a house property within stipulated time period, but not over any plot purchase.....
Thank you very much for your reply. If I purchase of a house property with in the stipulated time, then I will be having two properties in my hand can I still cliam the exemption.
Yes........ the condition is while purchasing any new house property for exemption u/s. 54F, you should not have more than one house property....
@ CA Tara Singh : Yes, You are correct...... I stand retified to that aspect, in the query
I too Thank You for the clarification.....
CAclubindia
