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exemption u/s 54


Vikas Mahajan   23 August 2019

Vikas Mahajan

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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?

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Kapadia Pravin   23 August 2019

Kapadia Pravin

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yes. you are eligible for benefit under section 54 for 7 lakhs plus construction cost

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RAJNISH PANDEY   23 August 2019

RAJNISH PANDEY

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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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