Hi
There is a Joint development agreement for sale of land + old residential property. The old property is demolished and new property is being constructed. In this case will the cost of acquisition includes cost of construction of old property for capital gains calculation. Also the exemption can be claimed under Section 54 or Section 54F of Income tax act.
Thanks
Cost of Acquisition: Includes both the land cost and the construction cost of the demolished house (with indexation).
Exemption: Claim under Section 54, as the asset being transferred is a residential house.
Timing: Tax is generally payable in the year the Completion Certificate is received.
Thank you so much for the clarification
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