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CAPITAL GAIN ON SALE OF ANCESTRAL LAND HELD PRIOR TO 01.4.2001

This query is : Resolved 
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(Querist)
03 June 2022 The assessee sold Ancestral land via plotting in parts & constructed a house after completion of land sale & consumed all the sale price in construction.
Can we treat the said sale as capital gain or should we take it as a Business Income.

The assessee has not been filing any itr for the past 10 years as there was no Income.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 June 2022 Consider it as capital gains and claim 54F exemption in case of one house constructed within 3 years of first sale.
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