Capital gains exemption

This query is : Resolved

Deeksha Mangal (Querist)
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13 August 2015 Hi,

I had a residential property which was sold and the proceeds for the same were invested in a land. A building was constructed on the land for business activities.

Questions
1. Can I claim exemption under capital gains, if yes, under which subsection of section 54?
2. can exemption be claimed on entire investment made towards construction of building?

Kindly respond ASAP.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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14 August 2015 Exemption u/s 54 is available only if capital gains arising out of sale of residential property is invested in purchase or construction of a new residential property. In your case your have mentioned that building was constructed on land for business activities so not available.

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