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?
Menu
exemption u/s 54
Replies (2)
yes. you are eligible for benefit under section 54 for 7 lakhs plus construction cost
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.
Also you have 3 years time for construction from the date of transfer of residential house.
Recent Topic
- Clarification Needed: Reporting Accrued vs Paid FD
- TDS on prize given to participants in Livestock sh
- TDS related matter - 194 IA
- Research: How do CA firms handle GSTR-2B reconcili
- CA FINAL FR IndAS 33 Illustrtion 14
- Taxation on Sale of old Jewellery Received at Marr
- ITR-3 Filling issues
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
Related Topics
CAclubindia
