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| This query is : Resolved
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Author : Anonymous
( Author )
28 May 2012
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I have sold out a Residentiol property on 20.03.2012 and have earned Capital gain. And I had purchased a Plot two months ago the sale. Now i want to construct a new House Property on this Plot with the amount of Capital Gain of sale of old house. I was having one more residentiol house at the time of seeling of the old house.
Can i claim Exemption for Capital gain u/s 54..?
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Siddhartha Bhardwaj
( Expert )
29 May 2012
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Section 54 does not contain a condition that the assessee should not own more than one residential house. Accordingly, you can avail exemption u/s 54.
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Author : Anonymous
( Author )
29 May 2012
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But the problem is that whether i can construct the new residentiol house on the plot purchased by me before Transfer of old residentiol house...????
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Author : Anonymous
( Author )
29 May 2012
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But the problem is that whether i can construct the new residentiol house on the plot purchased by me before Transfer of old residentiol house...????
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Author : Anonymous
( Author )
29 May 2012
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But the problem is that whether i can construct the new residential house on the plot purchased by me before Transfer of old residential house...????
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Author : Anonymous
( Author )
29 May 2012
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But the problem is that whether i can construct the new residential house on the plot purchased by me before Transfer of old residential house...????
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Author : Anonymous
( Author )
29 May 2012
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But the problem is that whether i can construct the new residential house on the plot purchased by me before Transfer of old residential house...????
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Author : Anonymous
( Author )
29 May 2012
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But the problem is that whether i can construct the new residential house on the plot purchased by me before Transfer of old residential house...????
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Siddhartha Bhardwaj
( Expert )
29 May 2012
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You can COMMENCE the construction BEFORE selling the new house but the construction must be COMPLETED AFTER the sale.
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Siddhartha Bhardwaj
( Expert )
29 May 2012
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You can COMMENCE the construction BEFORE selling the new house but the construction must be COMPLETED AFTER the sale.
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Author : Anonymous
( Author )
29 May 2012
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ok and can i contruct the new house on the mentioned Plot...?
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Author : Anonymous
( Author )
29 May 2012
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ok and can i contruct the new house on the mentioned Plot...?
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Siddhartha Bhardwaj
( Expert )
29 May 2012
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Yes you can construct the house on the plot. The cost of the plot and the cost of construction will be eligible for exemption.
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Author : Anonymous
( Author )
29 May 2012
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thank u sir..
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Siddhartha Bhardwaj
( Expert )
29 May 2012
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You are welcome. You should use the thanks button to convey your thanks.
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