20 January 2016
i have purchsed plot in may 201 and urban agri. land sold in july 2014. from the sale proceeds of land construted a nwe house on above plot. Can i avail benefit of new house constructionu/s. 54 f as the plot was already purchased more than one year before receiving the sale consideration. pl. guide.
20 January 2016
Yes deduction u/s 54F would be available, subject to other conditions therein mentioned (Refer first proviso to section 54F). Investment in construction of building alone is sufficient. Cost of land purchased / land purchased in earlier years is not a criteria to decide the benefit u/s 54F.
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