Vikas Mahajan 23 August 2019
i had sold my residential house for 20 lakh and i there are capital gain of 12 lakh now i invest 7 lakh in new residential plot and after that i have incurred too much on construction of residential house on that plot .
my question is whether that construction amount is available for exemption u/54 in addition to 7 lakh?
Kapadia Pravin 23 August 2019
yes. you are eligible for benefit under section 54 for 7 lakhs plus construction cost
RAJNISH PANDEY 23 August 2019
Yes under sec 54 construction time is allowed for exemption.
Also you have 3 years time for construction from the date of transfer of residential house.
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