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Capital Gains - whether extension qualifies for 54 f

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(Querist)
02 September 2009 My client has received a long term capital gain on transfer of a plot. He wants to invest his capital gains in extension of his own house by constructing an additional floor. Will extension amount to reinvestment of capital gains in accordance with sec 54f?
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Ratan Sharma

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Ratan Sharma (Expert)
02 September 2009 Extention or addition in exhisting house not permitted u/s. 54f.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
02 September 2009 Extension to the existing house would not mean constructing a residential house as contemplated under section 54F.

Citation:- V.Pradeep Kumar 153 Taxman 138 (Mad).
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