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Kumaran Durairaj   21 September 2021

Section 54F claim

I have sold my land in dec2020 for 40 lacs.And last week I reinvested 3375000 in a plot to claim tax rebate under section 54F.Now that I have not yet constructed house , am I eligible to claim it this year.Please advise .
Thank you in advance.


 2 Replies

Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     21 September 2021

Yes, You can claim entire amount of Rs.40 lakhs as deduction u/s. 54F, provided you deposit the balance amount into Capital gain deposit account of any scheduled bank, before filing the return for AY. 2021-22.  The deposited amount should be used in the construction of residential house, over the  said plot.

P.S. Assuming all other conditions of the section are fulfilled.

veerendar singh

veerendar singh (tax consultant)     21 September 2021

You have 3 years to complete the construction. but you must deposit the uninvested account with the bank as suggested by dhirajlal.

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