Long term capital gains

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MAKARAND DAMLE (Querist)
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28 March 2015 Whether the LTCG arising out of residential house can be invested in agricultural land to qualify exemption u/s 54 ?

CA R SEETHARAMAN (Expert)
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28 March 2015 No it will not qualify for exemption.

MAKARAND DAMLE (Querist)
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28 March 2015 The agricultural land purchased will be used for construction of residential house.
In that case whether deduction will be available ?

CA R SEETHARAMAN (Expert)
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28 March 2015 Within 3 years if you construct the residential house on the agricultural land then it will qualify for exemption u/s 54.

MAKARAND DAMLE (Querist)
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28 March 2015 If holiday homes are constructed on agricultural land whether they will qualify for deduction u/s 54 ?

CA R SEETHARAMAN (Expert)
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28 March 2015 Construction of a single residential house property only qualify for exemption. You only can treat such property as your holiday home.

MAKARAND DAMLE (Querist)
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28 March 2015 The Capital Gains to be invested are of Jan 2014

In That case two properties will qualify for deduction ?

CA R SEETHARAMAN (Expert)
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28 March 2015 In that case two properties will qualify.

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