sale of plot

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Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2011 Dear sir, i purchased a plot in march 1998 in Rs. 115000/. now i am selling in 690000/
At present my own house is under consruction. can i use 690000/ in construction of this house and also availing exemption from long term capital gains on the sale of the plot under sec 54 or 54F? I have already one flat purchased in 1997 in other city. thanks ATUL SINHA

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 January 2011 Yes , you can avail exemption U/s 54F, provided the amount of Rs. 690000/ must have been utilised after the date of transfer of plot towards construction and it should get completed within 3 years from the said date.

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