I sold house property in march 19 and has LTCG on it of rs. 337480.
My query is that
whether i get deduction under section 54,if i purchase a plot of land for the purpose of construction of new house property before 31st july 2019.Does this purchase cost of land considered as cost of construction.
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Section 54
Replies (2)
When an individual sells a residential property and buys another residential property, he will be eligible for exemption under Section 54.
yes you will be eligible to claim exemption under section 54 provided you have adequate documents available to substantiate that house will be built on the land, else the exemption would be withdrawn and you will need to pay tax on it
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