Hi,
My uncle sold a non residential property last financial year and purchased residential property and he was eligible for 54F exemption
Now, is there blockin period to retain the above new property.
suppose if he sells the newly acquired residential property and purchase another residential property, what would be the tax impact, will the above claimed section 54F will be revoked.
the tax assessment for last year will be done only by September 2019
please guide
kiran
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section 54F
Replies (2)
lock in period for new residential property is 3 years. if you sale the new residential property within 3 years then the capital gains for which deductions under 54F will be treated as long term capital gain for the previous year in which new asset transferred
thank you
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