Capital gain

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PALLAVI SOMANI (Querist)
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29 May 2012 hello frendzzz.........

a residential house has been sell on 25 may,12.. n plot has already been purchased on 25 april,12 n construction started after a sell of residential house on d purchased plot.........

can we get d exemption u/s 54.....?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 May 2012 Since the construction will be completed only after the sale, the assessee is eligible for exemption u/s 54.

The cost of the land and the cost of construction shall be eligible for exemption.

PALLAVI SOMANI

PALLAVI SOMANI (Querist)
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29 May 2012 but d plot has been purchased before d sale of residential house.. & construction started on d plot purchased earlier after d sale of resuidential house....

PALLAVI SOMANI

PALLAVI SOMANI (Querist)
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29 May 2012 but d plot has been purchased before d sale of residential house.. & construction started on d plot purchased earlier after d sale of resuidential house....

PALLAVI SOMANI

PALLAVI SOMANI (Querist)
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29 May 2012 but d plot has been purchased before d sale of residential house.. & construction started on d plot purchased earlier after d sale of resuidential house....

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 May 2012 The plot can be purchased before the sale.

Construction can COMMENCE BEFORE sale but must be COMPLETED AFTER sale.

Accordingly, exemption will be available.

You can also refer CIT v J.R. Subramanya Bhatt (1987) 165 ITR 571 (Karn.)

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