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Reconstruction or built second flour to avoid capital gain

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25 August 2016 CAN WE AVOID CAPITAL GAIN TAX WITH RECONSTRUCTION OR BUILT SECOND FLOUR OF EXISISTING SELF OCCUPIED RESIDENTIAL HOUSE PROPERTY U/S 54F
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ACA Anurag

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ACA Anurag (Expert)
25 August 2016 Dear Monika,

Section 54F does not provide for exemption on investment in renovation or modification of an existing house.

On the other hand, construction of a house only qualifies for exemption on the investment.
Even addition of a floor of a self contained type to the existing house would have qualified for exemption.

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monika

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monika (Querist)
25 August 2016 ok thanks
is there compulsory any proof of built of 2nd flour to availed benefit of section 54F
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ACA Anurag

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ACA Anurag (Expert)
25 August 2016 Dear Monika,

Yes AO can ask for it.

Kindly like if my response has helped you
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