Taxation on capital gain

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2012 I have sold out a Residentiol property on 20.03.2012 and have earned Capital gain. And I had purchased a Plot two months ago the sale. Now i want to construct a new House Property on this Plot with the amount of Capital Gain of sale of old house. I was having one more residentiol house at the time of seeling of the old house.
Can i claim Exemption for Capital gain u/s 54..?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 May 2012 Section 54 does not contain a condition that the assessee should not own more than one residential house. Accordingly, you can avail exemption u/s 54.

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 But the problem is that whether i can construct the new residentiol house on the plot purchased by me before Transfer of old residentiol house...????

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 But the problem is that whether i can construct the new residentiol house on the plot purchased by me before Transfer of old residentiol house...????

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 But the problem is that whether i can construct the new residential house on the plot purchased by me before Transfer of old residential house...????

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 But the problem is that whether i can construct the new residential house on the plot purchased by me before Transfer of old residential house...????

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 But the problem is that whether i can construct the new residential house on the plot purchased by me before Transfer of old residential house...????

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 But the problem is that whether i can construct the new residential house on the plot purchased by me before Transfer of old residential house...????

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 May 2012 You can COMMENCE the construction BEFORE selling the new house but the construction must be COMPLETED AFTER the sale.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

29 May 2012 You can COMMENCE the construction BEFORE selling the new house but the construction must be COMPLETED AFTER the sale.

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 ok and can i contruct the new house on the mentioned Plot...?

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 ok and can i contruct the new house on the mentioned Plot...?