Section 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2012
sir,
i have capital gain of rs 20 lakh and invest it in purchase a builder floors but it is jhoda type floor, this floor made on two land jointly. land no 40 and 41 have four story building in first floor purchase by making two registery on no 40 and 41.
can i have 100% exemption of capital gain 20 lac ?
or it will be treat as two floor and 50% exemption will be allowed.
i have also spend amt 20 lakh in construction on my old purchase land. this land has ground floor and i spend in making three more floor on it. i have only kacha bills for purchase of material and payment to labor.
now the my problem is how to take 54 exemption .
i have capital gain of rs 20 lakh and invest it in purchase a builder floors but it is jhoda type floor, this floor made on two land jointly. land no 40 and 41 have four story building in first floor purchase by making two registery on no 40 and 41.
can i have 100% exemption of capital gain 20 lac ?
or it will be treat as two floor and 50% exemption will be allowed.
i have also spend amt 20 lakh in construction on my old purchase land. this land has ground floor and i spend in making three more floor on it. i have only kacha bills for purchase of material and payment to labor.
now the my problem is how to take 54 exemption .
Amol S Joglekar
(Expert)
01 August 2012
The crux is "dwelling unit". For 54, even plurality is accepted by many courts.
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