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Urgent-section 54 deductions

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(Querist)
10 April 2013 A PERSON HAS PLOT OF LAND OF AREA 3000 SQ FEET IN AHEMDHABAD WHICH WAS PURCHASED IN 1984 FOR 40000 RS
IN APRIL 2013, HE HAS SOLD 1000 SQ FEET FOR 27 LACS
OUT OF 27 LACS , HE HAS USED 20 LACS FOR CONSTRUCTION OF HOUSE ON REMAINING 2000 SQ FEET AND 5 LACS FOR CONSTRUCTION OF A ROOM IN A HOUSE WHICH HE USES FOR RESIDENTIAL PURPOSE AT JAIPUR.AND BALANCE 2 LACS IN HAND?
WHAT ARE DEDUCTIONS AVAILIABLE
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CA. PIYUSH GOEL

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CA. PIYUSH GOEL (Expert)
11 April 2013 as per section 54F if whole consideration is invested in residentioal house property then the entire capital gain is exempt..

in your case 25 lac has been invested in residential house property and capital gain after deducting Indexed cost of acquisition from sale consideration would be less than 25 lac.
therefore no capital gain...
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rohit

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rohit (Querist)
11 April 2013 WHETHER PLACE MATTERS.IN ABOVE CASE AHEMDHABAD AND JAIPUR
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