one of my client have 2 land in municipality area
one land is agricultural land and second is residential land.
assessee has sold out the one land
and he wants to construct business godown on second land.
can he avail the benifit of sections 54
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Capital gain
Replies (3)
Quick Summary
You can claim exemption under sec 10(37) on slae I'd
If you earn capital gain on sale of agriculture land then exemption can not be avail as exemption is only availed on purchase of another agriculture land i.e.as per section 54B
if you sale another land than exemption can be avail in 54F provided you purchase or constructed RESIDENTIAL HOUSE but as he want to construct godown no exemption under that section can be claimed
if you sale another land than exemption can be avail in 54F provided you purchase or constructed RESIDENTIAL HOUSE but as he want to construct godown no exemption under that section can be claimed
No you can't claim any deductions under 54,54B,54F,54EC etc
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