#Section 54F
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812 articlesIncome Tax

Income Tax
Section 54F – Mere letter of allotment cannot be considered as investment in residential house
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Residential unit of 8ft x 8 ft dimensions cannot be treated as Building – Section 54
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Section 54/54F – Amount paid towards booking is to be treated towards ‘construction’
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No Section 54F exemption on Property Purchased in married daughters name
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Benefit U/s. 54 / 54F on property jointly held by assessee with wife for Security Purposes
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No concealment penalty for denial of exemption U/s. 54F for non completion of purchase deal due to dispute
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Section 54F relief remains despite commercial use of residential house
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Section 54F requires only the assets to be purchased within specified time, date of booking / payment not relevant
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Section 54F not available if construction of house takes place prior to transfer
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For exemption u/s. 54F approval of building plan is not necessary
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For availing exemption u/s. 54F approval of building plan is not necessary
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Due date’ U/s. 54F is due date for filing return U/s. 139(1) and not U/s. 139(4)
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S. 54F Investment can be made from amount other than the sale consideration
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