Exemption under section 54 of income tax act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 June 2014
if land is acquired before transfer of origi nal asset then can its cost be considered while calculating exemption under section 54 if future plan is to construct the residential house on above referred land within 3 years of transfer
Nikhil Kaushik
(Expert)
08 June 2014
theoretically exemption should be available on the cost of land too.
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