04 July 2012
Q. Mr. X Purchase a Plot of Land on 01/04/2010.Started Construction from very first day i.e. 01/04/2010.As there are only two person family i.e He and his wife Mrs. x they need only 1BHK and the construction gets comleted on 30/09/2010. Now to make a payment they have sold their old residential house on 10/10/2010. Now, Whether they can get the benefit of sec. 54 on the capital gain arising on sale of residential house?
Now What if rather than buying land and starting construction on it, if they go for purchase of readymade residential house on 30/09/2010?