Capital gain exemption on sale of house

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Manager of Accounts
165 Points Posted on 24 July 2023
Assessee sold his house in FY 2022-23.. Invested the sale proceeds completely of 40 Lakhs in construction of house (Land owned by son in law)..Can LTCG exemption be claimed under section 54 by assessee ?
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On 24 July 2023 at 14:23 Report
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This discussion explores whether an individual can claim a Capital Gains Tax exemption under Section 54 after selling their house. The individual invested the full sale proceeds of £40 Lakhs into constructing a new house on land owned by their son-in-law. The consensus is that exemption is possible, provided the individual obtains a No Objection Certificate (NOC) from their son-in-law to use the land for construction and their residence.

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SEO Sai Gr. Hosp.
212511 Points Posted on 24 July 2023

Yes, provided he has NOC to use the land for his house construction and stay, from his SIL.

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On 24 July 2023 at 15:03
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Manager of Accounts
165 Points Posted on 24 July 2023
Thank you Sir
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On 24 July 2023 at 15:16
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SEO Sai Gr. Hosp.
212511 Points Posted on 24 July 2023

Most welcome.                   

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On 24 July 2023 at 15:29

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