09 May 2012
I have sold my Plot situated at urban area and new plot is taken in urban area during the same year so that i can save capital gain tax for the year.But my confusion is that wheather i am eligible to claim exemption u/s 54F,because Plot is purchased for Residential construction and construction is still in process on new plot purchased. Other criteria for claiming exemption u/s 54F are fullfilled.
Please help me at the earliest regarding this issue.
You are eligible to claim exemption u/s 54F.In my view for claiming exemption u/s 54F, what is required is to start the construction within 3 years, not to complete the construction in 3 years.
CAclubindia
