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Long term capital Gains - Exemption U/s 54F

This query is : Resolved 
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(Querist)
13 August 2009 will there be an exemption U/s 54F on purchase of a vacant land (in a residential area)?
if not, should we construct a building (say 1 room on a site of 50'x 80')and for the purposes of exemption will they consider the cost of the land or only the building cost or both?
please help
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
13 August 2009 1st part of query:-
Cost of land is an integral part of the cost of the residential house whether purchased or constrcted. Ref:- CBDT Circular 667 dated 18/10/1993.

2nd part of the query:-
If u do so exemption will be denied since it will defeat the intention of the exemption.
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