Mrs. A sold her landed urban property for Rs.35 Lakhs in Jan 2013 (Property purchased by her in March 2001 for Rs.2.70 Lakhs).
Please Note:
- She is a regular income tax assessee.
- She does not own any house property on the date of this sale.
- She has decided to construct a house property in Bangalore totally costing Rs. 95 Lakhs.
- Towards the above property she has paid land advance amounting to Rs. 35 Lakhs in December 2012.
Query: Whether she can claim full exemption U/s 54F for the year ending 31.03.2013 (on account of advance paid to land purchased in Bangalore).
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