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)
Quick Summary
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 Topics :
- Business & Finance
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
- How to Bulk GSTIN Number Verify and Validation
- OPC Annual Filing Defaults – Need Guidance t
- OPC Annual Filing Defaults – Need Guidance t
- FCGPR of a past period
- Discuss and Download CA Final Question Paper Nov 2
- Does Parag gupta's booster batch good for CA Inter
- Police Bandobost and GST Invoice
Related Topics :
CAclubindia
