Hi
The assesse has two house properties and he sell second house property for 10.6 Lacs in AY 2019-20. He invested that amount for construction of first floor on first house and construction start on Feb. He invest 2.6 lacs as of March 2019(end of financial year) and as of July 2019, he invest 8 lacs for the construction of first floor in first house. The long term capital gain on second house was 79,600.00. The contruction on first floor on first property almost completed.
Questions
a. Can assesse claim for exemption under sec 54 on second property eventhough the assesse has one existing property?
b. If applicable, what amount I need to take as exemption 2.6 lacs (construction expenditure as of March 2019) or 8 lacs (contruction expenditure as of July 2019)
CAclubindia
