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Plot sold and capital gain

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22 July 2022 Hello, A person has bought plot in 2005 and second plot in 2012. First plot of 2005 was sold in March 2022. Construction started on second plot in January 2022. Whether The sale proceeds can be used in construction of second plot to avoid capital gain. And how to be shown in ITR of Ay22-23. The valued opinion is sought from Learned experts. thanks in advance.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
22 July 2022 Yes, the construction cost after sale of first plot will be eligible for exemption u/s. 54F, provided other conditions on the section are fulfilled. Need to deposit balance amount in CGAS, 1988 acc, before filing ITR.
Declare capital gain in the schedule CG, and claim deduction u/s. 54F for the investment to be made on construction of the house.
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