Dear Experts
I have sold an empty site and gained a long-term capital gain of about 10 lacs this year.
Now, I have only one existing house that was built about 16 years ago, and it needs to be renovated.
Can I use the 10 lacs in the renovation of this existing house and claim it as an exemption under 54F?
Renovation means repairs, painting, very minor modifications, and making it livable now, not constructing a new floor.
Note :- ChatGPT gave this answer :-
Renovation: In addition to purchasing a new property, you can also use the capital gains to renovate an existing house. The renovation should result in substantial improvements to the house. The exemption can be claimed if the renovation is completed within three years from the date of sale.
Thank you for the help. Ignesius
CAclubindia
