exemption of capital gain by investing in house
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2010
i claimed an exemption for long term capital gain by investing in house for construction. the house was almost completed (85%)with in three years. is there any impact for this for deemed capital gain ? please suggest
Aditya Maheshwari
(Expert)
27 July 2010
The section reads construction must be completed by 3 years which has not been done.
Also u can take a possession letter from the builder within the 3 years period which could substantiate that construction was completed within 3 years.
If the ITO ever comes to know about it then only he would be able to tax it.
Also u can take a possession letter from the builder within the 3 years period which could substantiate that construction was completed within 3 years.
If the ITO ever comes to know about it then only he would be able to tax it.
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