28 November 2014
The Assess bought a house in FY 1991-92 for Rs 6 lacs. thereafter he made Improvements in the year 1997 & 2005 for Rs 697000 & 1250000 respectively.
In the FY 2013-14 he Demolished the house & sold the land for 95 lacs. In same Financial year bought a Flat for Rs 55 Lacs.
Will he be entitled to Benefit of Improvement cost u/s 54 or he will be assessed u/s 54F?