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.
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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.
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