Hi,
How can we take exemption for Capital gains u/s 54 for construction of House within 3 years ?
How do we know the Expense that we do in future.
Should we keep it in CGS account and utilise it accordingly ?
Please clarify
You have to spend entire amount of Capital Gain in order to claim exemption under section 54 of the Income tax act for construction of new house , also you have to invest in Capital Gain Account before the filing of return and you can untilse capital gains , for construction of house within stipulated period .
This exemption under section 54, is available only to individual for sale of old house property not other Asset.
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