My cousin has a long term capital asset being a plot of land which he sold in dec. 2017 above stamp value for Rs.20,50,000 . he acquired another plot of land
(he had made agreement to purchase and payment made in full, but no registry yet)for Rs.7,70,000 and also made expenses on improvement of existing house property for about Rs 500000/-
please tell in which section exemption can be claimed and tax planning can be done.
please help
As per the present investments he cannot claim any exemption, unless he has this only a single residential property, and construct a new residential house over the new plot purchased (within next 3 years) so that exemption u/s. 54F can be claimed as investment in new house property........
can constuction includes construction of floor over the existing house property? and exemption uls 54f can be claimed ?
If its independent unit, then yes
But not just as additional structure.....
CAclubindia
