My client is NRI living in USA in his own house, he has bought residential land in Gurgaon and will complete 3 years in 1st week of July,2011 and he's planning to sell after completion of 3 years. If the same sale amount received re-invested in another residential land than will there be any exemption & under which section?
If we read the section, it has mentioned residential house property( building or land apputenant thereto), i have doubt whether only land will also be covered or not u/s 54.
18 June 2011
I MISTANKENLY UNDERSTOOD IT WAS A SALE AND PURCHASE OF RESIDENTIAL HOUSE NO EXEMPTION UNDER SECTION 54 IS ALLOWED IN RESPECT OF GAINS FM SALE OF LAND IN THIS CASE IF THE ASSESSEE PURCHASE A RESIDENTIAL HOUSE THEN EX MAY BE CLAIMED UNDER SECTION 54F ELSE U CAN TAKE EX UNDER SECTION 54EC
CAclubindia
