Exemption u/s 54

Dear Friends

 

Please answer my following query.

 

A person has acquired by settlement through court of a family house in 2009-10. Now he has sold the house in the year 2010-11. The house was orginally purchased by his father in 1969. He has acquired a vacant plot in April 2011.

a) Whether the capital gains in long term or short term ?

b) Assuming it is a LTCG then can he claim exemption for the purchase of plot? ( He has plans to construct within 3 years. And he is yet to commence construction.)

 

Replies (2)

It is LTCG and he can claim Exemption by depositing the amount in Capital Gain Account before due date of filling return.

LTCG. . . . . . Exemption allowed if capital gain deposites in CAP GAIN A/C before filling of income tax return. . . .

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
28 August 2026
Assistant Manager

NRS AND ASSOCIATES

Kozhikode

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
Article Assistant

ANIVESH CONSULTANTS LLP

Gurgaon

CA Inter

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details