As on the Income Tax law
sec 54 tells that we should sell residential House and Buy residential House or construct House within 3 years .
Is Investing in land eligible for exemption u/s 54
or
Should we use the gains for construction only .
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Capital gains exemption u/s 54
Replies (3)
U r eligible but u have built the house within stipulated period
Land is eligible, but u have to construct house on that within period of 3 years.
Land is not the criteria but house.
Though as per definition land is a capital asset.
Though as per definition land is a capital asset.
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