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Sale proceeds of residential plot

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(Querist)
06 March 2012 Can i use the sale amount from a residential plot to construct a residential house and not pay the capital gain tax.

With in how much period we have to construct the house
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
06 March 2012 Yes, you can avail exemption u/s 54 which provides for exemption from capital gain arising on sale of LONG TERM residential house property if the capital gain is invested in purchase or construction of another residential house property.

The construction has to be completed within a period of 3 years from the date of transfer.

However, if the amount is not invested before the due date of filing the return, the amount has to be deposited in a Capital Gain Account with a scheduled bank.
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