Whether exemption under 54F is applicable, if I utilize entire sale proceeds of a open plot for constructing residential building (Ground + 2 floors) in apartment style on a inherited/gifted open residential plot ?
Raghavendra (Manger) (60 Points)
31 March 2022Whether exemption under 54F is applicable, if I utilize entire sale proceeds of a open plot for constructing residential building (Ground + 2 floors) in apartment style on a inherited/gifted open residential plot ?
sabyasachi mukherjee
(26173 Points)
Replied 31 March 2022
Raghavendra
(Manger)
(60 Points)
Replied 31 March 2022
In my home town, my father and mother have few open plots with them, they may gift any time in near future, unfortunately if any of them pass away without doing gift or will deed, as a legal heir me and my sisters will inherit those open plots.
I had bought a residential plot 20 years ago and I may not settle in Bangalore where my plot exists, so I may have to sell the same and construct residential apartment at home town in that inherited/gifted plot.
Will my whole CG gets exemption if I do as stated above.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 31 March 2022
Deduction Amount - Net Consideration's Full Amount is invested. In the situation of investment of the full amount of the net consideration in construction/ purchase of a residential house, then the complete amount of long term capital gain can be exempted u/s 54F.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 31 March 2022
Deduction Amount - Net Consideration's Full Amount is invested. In the situation of investment of the full amount of the net consideration in construction/ purchase of a residential house, then the complete amount of long term capital gain can be exempted u/s 54F.
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