Capital gain exemption u/s 54
This query is : Resolved
14 June 2013
If an assessee sold a house and renovate another house like construct an additional floor, whether the assessee can enjoy exemption u/s 54 or not?
CA Pooja Agarwal
(Expert)
14 June 2013
in the case of Mrs Meera Jacob VS. ITO, it has been held by the court that exemption is avialable only in case of purchase or construction of new house not for renovation as it does not involve new property
15 June 2013
The above citation is available in (2009) 313 ITR 411 (Ker) and is related to section 54F of the Income tax Act,1961.
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