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long term capital gain
can I get exemption for long term capital gain by constructing only one room set kitchen and bathroom. will it be sufficient. thanks
Replies (9)
residential house property should be habitable
yes you can get. it shud be a residential property. department won't see how the house is. it will inspect the registered document with sub registrar
if the case is selected for scrutiny, the AO is free to make inquiry
that is the query is construction of one room set sufficient.
yes it's sufficient. the section specifies that it shud be a residential property. it does not provide how the property shud be
apart from Act, we also need to follow rules n case laws
thank you and congratulations
the property should be fit to be habitable.... that's it... no specifications about number of rooms etc
The requirement to claim the exemption is whether it is a residential property or not. Exemption will be claimed under section 54 or 54F depends on asset sold.
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