Sec 54 of income tax act

Originally posted by : ROHIT GOEL
	EXEMPTION U\S 54 CAN BE AVIALED FOR RESDENTIAL PLOT (VACANT) ALLOTED BY STATE GOVT. SAY HUDA

 section 54 and 54F permit only purchase of a new residential house before the sale of the original house property. In the case of construction of a new residential house, the period allowed is 3 years after the date of sale of the original house.

sir , i want to know that if we sale a redential plot can we purchase the redential house aur can we build redential house and avail exemption u\s 54.

Exemption u/s 54 can be availed only when the amount is invested in house property one year before or 2 years after the sale of original house property or it is been constructed then within 3 years from sale of property.....