a person has purchased a land for residential purpose. thereafter he constructed flats and sell them.
the capital gain so arised has been claimed for exemption u/s 54 by purchasing another land.
kindly explain plz.
There is a different process of costing and accounting for builder / developer business activity.
There is no captial gain income but it will be a business income. And hence no deduction under section 54.
50C also coming under Capital gain provisions .
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