TaxTMI 
TaxTMI 
Sir I claim exemption u/s 54f on purchase of new residential plot.further I construct it but due to no other souce of income I want to use this house for commercial purpose ( rent for parties ) can I do so.and if I do this then exemption is valid or not
Exemption u/s 54f
07 May 2017 
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Exemption under section 54F: whether converting a newly built residential house to commercial rental affects eligibility.
Whether an exemption under section 54F claimed on investment of capital gains in the purchase of a new residential plot and construction of a house remains valid if the taxpayer, for lack of other income, uses the newly constructed house for commercial purposes (renting it out for parties) instead of as a residence. (AI Summary)
Whether an exemption under section 54F claimed on investment of capital gains in the purchase of a new residential plot and construction of a house remains valid if the taxpayer, for lack of other income, uses the newly constructed house for commercial purposes (renting it out for parties) instead of as a residence. (AI Summary)