Taxation on capital gain

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)
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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.

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...?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 May 2012 Yes you can construct the house on the plot. The cost of the plot and the cost of construction will be eligible for exemption.

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 thank u sir..

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 May 2012 You are welcome. You should use the thanks button to convey your thanks.

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