weather exemption from capital gain can be claimed under sec 54 and other similar section where assessee constructs new House property on land already owned by such assessee?
question here is weather construction of new house property requires condition that land should also be new?
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Capital gains exemption under series of section 54
Replies (6)
Quick Summary
Only construction is also valid. Subject to all conditions are getting satisfied
No any such rule of land being newly purchased...
No such conditions are there where new land is required. You can claim exemption u/s 54F for construction of immovable property
Can land cost also be included in exemption under 54F when construction is done.
| Originally posted by : Amit | ||
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Can land cost also be included in exemption under 54F when construction is done. |  |
Allowed
Section 54 applies when you sell a residential property and reinvest in another one (within 2 years of purchase or 3 years if constructing). Section 54F is for selling any other long-term capital asset and buying a house, but you cannot own more than one house on the date of sale. Section 54EC lets you invest up to Rs 50 lakh in bonds like NHAI or REC within 6 months, with a 5-year lock-in, and is open to all taxpayers. Our [Section 54 and 54F capital gains exemption guide](https://taxgarden.in/blog/capital-gains-exemption-section-54-54f-54ec) covers the eligibility conditions, the Rs 10 crore cap introduced in 2023, and worked examples for each route.
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