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Capital gains-exemption u/s 54

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 November 2015 My client had sold his residential house in FY 2012-13 (AY 2013-14)for Rs.1.5 crores . Therafter he purchased a vacant plot and constructed a new house costing around 1 crore in total.He also purchased another vacant plot of land (in which no construction was there and nothing was constructed by the assessee) costing 50 lakhs, being the balance amount left. He did not invest in any CG bonds or something like that. My query is whether he can avail deduction on investment in vacant plot keeping in view with various HC judgments that "a" residential plot is synonymous with any"
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 November 2015 Investment in Vacant plot will not be considered as investment in residential house.
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Querist : Anonymous

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Querist : Anonymous (Querist)
27 November 2015 Thank you, my friend
, for allaying my doubt.




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