Exemption u/s 54f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2015 Dear Sir/Madam,

I Had an Confusion that if Fixed Assets other than Residential Property is sold in FY 2015/16 and consideration is invested in New Residential house can exemption be claimed u/s 54F in AY 2016/17.

CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
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04 June 2015 Yes. If consideration is not invested before filing of return then the amount must be deposited in capital gain scheme account prior to filing of return for AY 2016-17. The deposit to be used within two years for purchase or three years for construction of new residential house from the date of sale of the asset.