Sec 54f exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 September 2011
An assessee is having Vacant land and also a residential property. both are long term assets. He sells the vacant land and is earning long term capital gains.Now the issue is can the assessee demolish the existing residential property and construct a new residential property in the same place out of proceeds of sale of vacant land.can he still claim exemption under sec 54F.
Assume that sale proceeds are utilised only for construction of property and not for demolition...
Assume that sale proceeds are utilised only for construction of property and not for demolition...
28 September 2011
Yes, provided other conditions ( time limit, net consideration etc...) in section 54F is satisfied.
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