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Exmptn u/s 54 if modification is made on purchased property

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(Querist)
23 July 2015 Hi,

My client has sold a residential house. He has invested the proceeds in purchasing a residential property. He did some modification and addition to this property.Can this modification be claimed u/s 54?
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Taxguy

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Taxguy (Expert)
23 July 2015 Yes, but the modification has to claimed by reducing/indexing the same as cost of improvement.
Section 54 is only for deduction of net capital gain.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 July 2015
Expenses incurred to make the house property habitable can be claimed u/s.54.

Citation:- Nirupama K Shah Vs. ITO (2013) 52(II) ITCL 63(Mum-Tri).

Ps:- Though delivered u/s 54F , same analogy can be relied for section 54 also.
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