1) The provisions of Section 54 F reads as under ;-
The assessee has purchased, within one year before the date of transfer ; or
2 years after the date of transfer or constructed within 3 years after the date of transfer.
In your case, you have not purchased but have constructed house property within one year before the date of transfer. Hence you will not be eligible to claim 54 F exemption
2) Purchase of one residential house property (subject to condition you do not have any other house) only is allowed as eligible deduction under sec 54F. Repayment of loan will not be eligible as deduction under Sec 54F.
Kindly revert in case of further queries
- CA B S Sridhar, Chennai