I have recently sold my flatin Kolkata.Ilive in my house in Gurgaon. I have constructed a small self-contained flat on the roof of this house, for renting out. Am I entitled to any Capital Gains Relief?
Tapas Majumdar
Since I cant reply to the queries under Experts segment hence I'm responding it here:-
Yes you can claim exemption under Section 54 towards the cost of new additional house constructed over ur existing house in Gurgaon, as per a decided case law of CIT vs. Narsimhan. However the relief u/s sec 54 for claiming CG exepmtion is only allowed if ur house sold in Kol is a Long term Capital asset (i.e. over 36 m from date of acqsn) and the Income of house in Kol was chargeable under Income from House property.
CAclubindia
