Reconstruction or built second flour to avoid capital gain
This query is : Resolved
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
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.
Hope your query is resolved
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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.
Hope your query is resolved
Kindly like if my response has helped you
25 August 2016
ok thanks
is there compulsory any proof of built of 2nd flour to availed benefit of section 54F
is there compulsory any proof of built of 2nd flour to availed benefit of section 54F
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25 August 2016
Dear Monika,
Yes AO can ask for it.
Kindly like if my response has helped you
Yes AO can ask for it.
Kindly like if my response has helped you
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