if got long term capital gain by selling house. Before selling house itself started building house in my other other plot. Will I get capital gain tax exemption. If yes, then how.?
If no ,why not?
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long term Capita gains tax exemption if used for building house in my other land.
Replies (3)
if the plot is in your name then definitely you can claim exemption under section 54. but the construction needs to be completed before 2yrs from date of transfer
you can claim the LTCG
though there are lot of case laws in your favor, but as per provisions of section 54, only property purchased one year before the date of sale is eligible for deduction under 54
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