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Exemption under section 54

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 November 2012 Sir i had purchased a land in 2002-03 and construct basement and ground floor in 2005. That the same was sold in 2006 but roof right is not sold. I have Exemption claimed under section 54 and construction 1st,2nd, and 3rd floor on the sold building. in this regard my question is exemption is available or not.
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Sunny Sonwal

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Sunny Sonwal (Expert)
30 November 2012 According to section 54 one can claim exemption for their capital gain-
By purchasing another a NEW residential property within 1 year before or 2 years after the date of transfer, or
Construct NEW house within 3 years from the date of transfer.

But in your case the property is the same so you cann't claim under section 54.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
13 August 2023
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