Exemption u/s54

This query is : Resolved

ekta gupta (Querist)
Follow

11 January 2010 I have a LTCG this year. For this I want to claim exemption u/s 54. Will the expenditure incurred by me in constructing 2 new rooms in my existing house, be eligible for exemption in sec.54?
Further I have also incurred expenditure in getting my house freehold during this year.
Will that be eligible also????

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
Follow

11 January 2010 Contruction of new rooms will be eligible.

ekta gupta

ekta gupta (Querist)
Follow

11 January 2010 Thnx!!!!!!!

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

11 January 2010 Madras High Court in Commissioner of Income Tax. vs P. V. Narasimhan. 181 ITR 101, held that the exemption for investment of sales proceeds in construction of a new house on floor of existing residential house is eligible investment for section 54 of the I T Act,1961 .

The above case law may help you.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok