Income Tax - Capital Gains 54 and 54F

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Vasudeva Rao (Querist)
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23 July 2024 Sir, Whether deduction under section 54 can be availed in respect of amount received on compulsory acquisition of residential house property by railways, undertaking to buy or construct another house property. Also, when we undertake to buy / construct a new house property by availing the deduction under section 54 or 54F, whether the cost of site is also considered for new construction of house property or only super structure investment is to be considered. Thanks in advance and Regards.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 July 2024 Compulsory acquisition under RFCTLAAR act, 2014 is tax exempt.

If it be taxable by any other provision/s, you can get exemption under sec. 54 IT act.
Total cost of construction along with land value gets exempted from such LTCG.

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