Sale proceeds of residential plot
This query is : Resolved
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
With in how much period we have to construct the house
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.
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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