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of <h1>Tax Deductions for Homebuyers: Plot Cost Included in Construction for Sections 54 and 54F of Income-tax Act 1961.</h1> Sections 54 and 54F of the Income-tax Act, 1961, allow deductions for taxpayers who purchase or construct a residential house within specified timeframes relative to the transfer of a capital asset. The Central Board of Direct Taxes clarifies that the cost of construction should include the cost of the plot of land. Therefore, when calculating deductions under these sections, both the cost of the plot and the construction should be considered, provided they are completed within the specified period. This information should be communicated to all Assessing Officers.
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