LTCG exemption for plot + construction

To get Long-Term Capital Gains (LTCG) exemption on constructing a flat, follow these steps: 1. _Hold the asset for 2 years_: Ensure you've held the asset (land or property) for at least 2 years to qualify for LTCG. 2. _Construct a residential house_: Use the gains to construct a residential house within 3 years from the date of transfer. 3. _File Form ITR_: File your Income Tax Return (ITR) and report the LTCG in Schedule CG (Capital Gains). 4. _Claim exemption_: Claim the exemption under Section 54 of the Income Tax Act, 1961. 5. _Invest in a new asset_: Invest the LTCG in the construction of a new residential house. 6. _Get a completion certificate_: Obtain a completion certificate from the builder or a certificate of occupancy. 7. _Submit documents_: Submit documents, such as: - Proof of investment in the new asset - Completion certificate - Proof of payment of LTCG 8. _Exemption limit_: The exemption limit is ₹2 crores per financial year. Note: - Consult a tax expert or chartered accountant to ensure accurate reporting and compliance. - The exemption is available only for individuals and HUFs (Hindu Undivided Families). - The new asset must be held for at least 3 years to avoid tax implications.

Thanks Mr. Rama. What I wanted to validate was that payment towards plot (land) can also be considered under 54F if I am planning to construct a house on the same. Payments started from Oct 2023 and mutual fund sale happend till Mar 2024. 

Waiting for revert on this

What I wanted to validate was that payment towards plot (land) can also be considered under 54F if I am planning to construct a house on the same. Payments started from Oct 2023 and mutual fund sale happend till Mar 2024.