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exemption u/s 54
If any assessee sell out the residential property in current year and the assessee had also a land which is purchased by the assessee 10 years earlier. Now the question is the assessee can claim exemption u/S 54 if he /she construct the residential house property on land which is purchased earlier.
Replies (2)
Yes, exemption is available under this section provided construction of new residential HP is completed within 3 Years of transfer.
amount of exemption will be limited to cost of new asset.
amount of exemption will be limited to cost of new asset.
Absolutely yes as per section 54 if an individual constructs a residential house property within 3 years of date of transfer Amount of exemption is to be find out by the sections of capital gains .
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