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.
Menu
Section 54F claim
Replies (2)
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.
You have 3 years to complete the construction. but you must deposit the uninvested account with the bank as suggested by dhirajlal.
Recent Topic
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
- Form 121 eligibility for non deduction of TDS for
- Gold/silver etf. STCG. how to decalre in ITR at s
- ITR-2 : cash income that does not fall under any h
- Debit note issued to supplier
- Ca pratik takkar imp list
- TDS EXECESS AMOUNT ADJUSTMENT
- What's the ONE thing about GSTR-2B / IMS reconcili
Related Topics
CAclubindia
