06 August 2014
according to me , you have sold a residential plot for rs 48 lacs , which is long term capital asset and invested the rs 25.79 lacs in residential plot , before due date of filing return of income . u will get deduction u/s 54 F proportionality the investment in plot bears to NET consideration. but u have bear in mind certain provisions/condition of sec 54 F 1. u have to construct residential house with in three years of date of sale i.e 12/02/2017
2 u should not own more than one residential house on the date of transfer i.o on 12/02/2014 3 unlike sec 54 (1), the where capital gain is to be invested in new house, in sec54 F , net consideration has to be invested , in this case even u have invested more than capital gain, even then u will get proportionate deduction
4 u will not purchase any other residential house with in two year or will not construct any other new house within three other than mentioned above sec 54 F (2)
5 this new plot/ house , which has been purchased above will not be sold within three years of its construction sec 54 F (3)
CAclubindia
