Capital gains tax and exemption u/s 54

Financepie (other) (58 Points)

26 August 2021  

My client has sold residential flat on 30/12/1998 for a consideration of Rs.23,46,000. He undertook renovation of the said flat in 2010 and incurred an expense of Rs.23,00,000.  He sold the flat on 01/08/2021 for a consideration of Rs.2,30,00,000. What would be the estimated capital gains on this transaction.

He purchased another residential flat in 2016. This property is still under construction till date. Can he claim exemption u/s 54 for this flat under construction ?