hello everyone,
i want to claim sec 54 exemption on sale of building by constructing new one. I have land.
can anyone tell me the full procedure from starting to end and all the related documentation?
Thanks in advance for your help
Under section 54 - Deduction is available to you on LTCG from sale of building being a residential house....
if the assessee constructs a new residential house within a period of 3 years from the transfer of old building.
if cost of construction is > LTCG then 100% deduction or otherwise proportionately.
Note that Sale money of old building you will have to keep in a bank account under capitAl gain account scheme (to be transferred to CGAS açcount before due date of filing return of Income)
And for construction purpose you have to withdraw from CGAS Açcount fromTime to time.
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