Capital Gain deduction fy-23-24

This query is : Resolved

keyur (Querist)
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13 May 2024 Sir/Madam

I have sale my house for Rs. 30 lacs and made following investment in May 24

> Invest in Open Plot in joint name of my son. total sales proceeds invested in this plot
> Balance amount of open plot -loan taken by my son from finance company.

Can i eligible deduction from capital gain arise from sale of my house rs.30 lacs

Please guide me.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 May 2024 Unless, you wish to construct house property over it, the exemption is not available over purchase of plot.

keyur

keyur (Querist)
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13 May 2024 Within how many years construction will be completed?

Under which section deduction is available?

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 May 2024 The house property should be constructed within 3 years from the sale of your earlier HP.
In this case sec. 54 IT act, 1961 will be applicable.