Exemption u/s 54f

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kunal (Querist)
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25 February 2013 sir,
mr. a sold his commercial shop on 11-05-2012

an purchased a residential plot 0n 12-03-2012 for constructing residential house
construction completed on 24-11-2012..

now my question is
can he claim exemption u/s 54f for purchase of residential plot and construction cost ??????? please reply as soon as possible

thanks in advance!!!

@VaibhavJ

@VaibhavJ (Expert)
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25 February 2013 Hi,

U/s 54F, any long term asset (other than a residential house property ) provided on the date of transfer the taxpayer does not own more than one residential house property from the assessment year 2001-02 (except the new house).

Cost plot is not deductible.

Thanks!!

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kunal

kunal (Querist)
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25 February 2013 thanks for replying sir
but at the time of transfer assessee own only plot of land not residential house

but his intention is to construct house on that plot

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@VaibhavJ

@VaibhavJ (Expert)
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25 February 2013 hi

In 3 yrs you have to construct house & you can claim exemption on long term capital.

Till the time capital gain ca be deposited in Bank A/c under capital gain scheme.

Thanks!!