Exemption u/s 54f

[Abhishek Trivedi]

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

AI Summary

Can Section 54F Exemption Apply if New House is Used for Commercial Rental? Clarification Needed. An individual inquired about the validity of claiming an exemption under Section 54F of the Income Tax Act after purchasing a new residential plot and constructing a house, which they intend to use for commercial purposes due to a lack of other income sources. They are seeking clarification on whether using the house for renting to parties would affect the validity of the exemption.