Interpretation of section 54 and 54F of the Income-tax Act, 1961--Regarding

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..... on in cases where an assessee has, within a period of one year before or two years after the date on which the transfer of a capital asset takes place, purchased, or has within a period of three years after that date constructed, a residential house. The quantum of deduction is itself dependent upon the cost of such new asset. It has been represented to the Board that the cost of construction of t .....

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..... gregate cost should be considered for determining the quantum of deduction under section 54/54F, provided that the acquisition of plot and also the construction thereon are completed within the period specified in these sections. 3. This may be brought to the notice of all the Assessing Officers in your region. Yours faithfully, (Sd.) Ajay Kumar, Under Secretary, Central Board of Direct .....

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