07 December 2017
A person has a land & building and this man sells this land & building and he buys another land and construct a building(Flat) for rental purpose. In the above mentioned case wheather Section 54F is applicable ?
07 December 2017
Possible if the following conditions are satisfied.
+ person should be an individual/ HUF
+ sold out building should not be a residential house.
+ the new building should be a residential house.
+ the new asset if not purchased/constructed before the date of furnishing the return of income pertaining to the property sold, the sale consideration should be deposited in bank under capital gains accounts scheme,1988.
+ net sale consideration has to be invested in new asset for full deduction u/s 54F.
CAclubindia
