Converting agricultural land to na
This query is : Resolved
11 September 2012
My Father and Uncle has been inherited by an agricultural land from their father. this land was then converted to NA in the year 2009 and was divided into plots. my query is that can my father and uncle still avail long term capital gain exemption if they reinvested the amount from the sale of plots into under construction property?
11 September 2012
Exemption will be available u/s 54F if the sale proceeds are invested in a residential house.
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