Hi @Quicko
Can you kindly re-confirm
the following restriction that is mentioned in the above article?
The taxpayer also should not purchase any other house within 2 years or construct within 3 years after the date of transfer (apart from the new asset for exemption).
However, upon careful review of the Section 54F of the Income Tax Act,
it appears that the actual condition is that
one must NOT purchase/construct another residential house for 2/3 years,
the income from which is chargeable under the head “Income from house property”.
i.e. purchasing/constructing another house
within the stipulated period
on its own is NOT a restriction,
as long as one does NOT receive any income from it.
Refer highlighted sub-sections, clauses, and explanation -
Source: Section 54F of the Income Tax Act.
Could you please review and confirm or clarify the above?
BTW, the same clarification is also being discussed recently in this thread ,
and is still awaiting clariication from Zerodha Varsity folks.