sec 54 deductions
This query is : Resolved
29 July 2008
dear sir/mam please guide me on the following;
i have started construction of a residential house 2 years back. in the current year i sold 1 of my existing house. i completed the construction of my house in the current year.
1)so for sec 54 which says purchase within 1 year befor the date of sale does this construction completed before the date of sale is available for deduction.
2)if construction is completed after the date of sale, can i claim the entire cost of construction or only the amount spent after the date of sale.
thanks
i have started construction of a residential house 2 years back. in the current year i sold 1 of my existing house. i completed the construction of my house in the current year.
1)so for sec 54 which says purchase within 1 year befor the date of sale does this construction completed before the date of sale is available for deduction.
2)if construction is completed after the date of sale, can i claim the entire cost of construction or only the amount spent after the date of sale.
thanks
29 July 2008
As this is a construction, you are entitled for claiming entire cost.
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