Long term capital gain

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MURALI (Querist)
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18 July 2012 Dear Sir

my client had sold 1 site for Rs.30L on Nov-11 & LTCG is Rs.18L.

he had invested around 15L before Transfer and Rs.20L after transfer to purchase a site. but the site still not registered in his name before filing the return.

he wil construct and finish the house in another 1 year (i.e. March-13).

now my question is, whether we can claim exemption us 54F for Investment in site for Rs.30L even though its not registerd in his name ?

pls clarify this.

Suresh Mittal

Suresh Mittal (Expert)
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18 July 2012 In my opinion the assessee should get the exemption as the condition in sec-54F is about the investment and for completion of the construction is 3 Years from the date of transfer.