Section 54f
This query is : Resolved
ONKAR (CA FINAL)
(Querist)
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.
Please help me at the earliest regarding this issue.
09 May 2012
Dear Onkar,
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.
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.
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