01 January 2024
The Assessee Sold his ancestral land over a period of two years in small lots & constructed three houses over a period of two years.( consumption of capital gain is subsequently applied to construction).
Three (3) combined(Adjoining) plots are purchased & three different Maps are approved in the name of assessee ( as he has three sons he made all three together)
Can the assessee claim exemption U/s 54f for all three houses in two years period.
14 January 2024
As per me, Exemption can be claimed only in respect of one residential house property purchased/constructed in India. If more than one house is purchased or constructed, then exemption under section 54 will be available in respect of one house only. No exemption can be claimed in respect of house purchased outside India.
CAclubindia
