Sec 54 Exemption CG
This query is : Resolved
29 December 2008
i sold my RH for Rs. 50 Lacs and i purchased a land of 100 acres for Rs. 25lacs and constructs a RH in 1 acres area for Rs. 10 lacs. Can i get exemption Rs.35 lacs under 54
29 December 2008
You are extending things too long. You can buy 1 acres and build in that, to claim 54
29 December 2008
As I understand 100 acres is equal to 480,000 sft
For Rs 10 lacs, one may perhaps be able to build 1000 sft at average cost of Rs 1000 per sft
So you would be able to use only 0.2 percent of land for construction
Normally one can construct upto 66.67 % of land leaving 33.33 % for set-backs
So how do you think any one especially from Income Tax Department would believe genuineness of doings
I also suggest you concentrate on studies, complete CA and then earn enough to buy acres.
For Rs 10 lacs, one may perhaps be able to build 1000 sft at average cost of Rs 1000 per sft
So you would be able to use only 0.2 percent of land for construction
Normally one can construct upto 66.67 % of land leaving 33.33 % for set-backs
So how do you think any one especially from Income Tax Department would believe genuineness of doings
I also suggest you concentrate on studies, complete CA and then earn enough to buy acres.
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