capital gain
This query is : Resolved
13 September 2017
Sold an residential house propery and purchased residential plot.
Whether deduction available under section 54 of income tax??
13 September 2017
mere plot purchase is of NO use......you need to construct on such plot.....may be small one...in order to avail section 54
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.
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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