sale of plot
This query is : Resolved
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
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
(Expert)
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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