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Section 54 of income tax act.

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(Querist)
29 August 2011 A person had purchased a plot of land for Rs. 1.5 lac in 2003, and the same is sold for Rs. 12 lacs in 2011. Afterwards, he purchased another plot of land from the earlier sale proceeds. Is there any provision in Section 54 to claim such exemptions on the capital gain.
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VISHRUT

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VISHRUT (Expert)
29 August 2011 Yes you can claim exemption under Section 54 only if such plot of land is use for construction of new house before 2 years of purchase of it or 3 years after purchase of the same.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
30 August 2011 Land alone will not suffice to claim exemption u/s.54 of the IT Act,1961.
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