Mr. X has income under the Head "Long Term Capital Gains" of Rs. 7 lacs in the Financial year 2013-14. He is having a residential house property "A" which is two storey building.
Now for availing the exemption u/s 54F, can Mr. X invest the capital gain of Rs. 7 lacs in his existing house "A" and build up the third storey in this building.
Dear Pawan
For awailing of exemption U/S 54 F some condition is require
1:- the assessee does not have a residential house property more then one at the time of sale consideration
2:-the amount of rs. 7 lac can;t be invest in existing residentail house property
3:- require to invest the said gain amount in a new residential house property or land within 02/03 years after the sale consideration
yes, construction of a new floor in an existing building amounts to a new contruction as per varoius case law decisions ... benefit of sec 54F can be availed fr the same....
Dear Sunshine
clearly mention in income tax act u/sec 54 F
require to acquire a new residential house or constructd any land
not construct in existing property
IF SUCH TYPE OF MATTER INS DISCUESS IN ANY LAW PLS PROVIDE THE SAME
rgds
S.S.RAWAT
CAclubindia
