Long term capital gain : eligibilty for sec 54
This query is : Resolved
Shashank Garg
(Querist)
24 November 2011
assessee has purchased a Land in the year 2005 and constructed the house in the year 2008. he sold the complete house in the year 2009.
Question:
1. whether it can be claimed as LTCG
2. If yes, can a deduction u/s 54 can be claimed.
please help me with some decided case laws.....
Question:
1. whether it can be claimed as LTCG
2. If yes, can a deduction u/s 54 can be claimed.
please help me with some decided case laws.....
CA. DINESH KUMAR
(Expert)
25 November 2011
As house was held by assessee for less than 36 months, so deduction u/s 54 shall not be available. The period of holding the land is irrelevant for the purpose of section 54.
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