To claim relief under section 54/54F, one has to construct a residential house within 3 years from date of sale of original asset. If it is purchase of house, the time limit is 2 years.
My question is whether 2 years or 3 years time is applicable for investment in a apartment being developed by a builder.
Clarification on Tax Relief Time Limits: 3 Years for Under-Construction Apartments, 2 Years for Ready Apartments Under Sections 54/54F. A query was raised regarding the time limits for claiming tax relief under sections 54/54F of the Income Tax Act, specifically concerning investments in an apartment being developed by a builder. The response clarified that if the investment is in an apartment under construction, it is considered 'construction,' and the applicable time limit is 3 years. Conversely, if the investment is in an already constructed apartment, the time limit is 2 years. (AI Summary)
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