Capital gain on Sale of House
This query is : Resolved
26 February 2009
whether exemption can be availed in follwing case:
A person has house of ground floor only Later of which he sell ground floor and reconstruct on it two floors for his residence.
Can he avail exemption
A person has house of ground floor only Later of which he sell ground floor and reconstruct on it two floors for his residence.
Can he avail exemption
26 February 2009
Situation to be called as Development of the Land. Firstly he sold the land that means it amounts to transfer of property. So provisions of capital gains attracted. Now he constructed the flat so he can claim the cost of construction as exemption u/s 54 against capital gains.
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26 February 2009
Sir,
But there the words used are construction of new house, doest tht new floors can b construed as new house
But there the words used are construction of new house, doest tht new floors can b construed as new house
26 February 2009
If a person buys an Apartment, Property discription in Sale Deed includes undivided share of land also. This is obviously because, it is not possible to construct any superstructure except over land only.
On the same analogy, solution given by Sri Chetan appears to be logical and practical too
On the same analogy, solution given by Sri Chetan appears to be logical and practical too
02 March 2009
he can claim exemption u/s 54
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