Exemption u/s54
This query is : Resolved
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????
Further I have also incurred expenditure in getting my house freehold during this year.
Will that be eligible also????
11 January 2010
Contruction of new rooms will be eligible.
11 January 2010
Thnx!!!!!!!
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.
The above case law may help you.
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