capital gain

13 September 2017
Sold an residential house propery and purchased residential plot. Whether deduction available under section 54 of income tax??

Amol S Joglekar (Expert)

Click to Talk 13 September 2017
mere plot purchase is of NO need to construct on such plot.....may be small order to avail section 54

Dibin Divyakumar (Expert)
13 September 2017
Has to Construct a house within 3 Yr of sale, and has to maintain the sale proceeds in separte LTCG Excemption account till the house is consturcted.

K Srinivas, CMA CS (Expert)
13 September 2017
Agree with the above points. And till such time you complete the construction within 3 years from the date of transfer, you can park the capital gains money in Capital Gains Account scheme in a Bank. You can withdraw the amount only for construction purposes.

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