Benefit U/s 54

This query is : Resolved

shrikant (Querist)
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22 January 2018 Assessee has plot of land held for 10years. He is going to construct 3 residential units on the same. Some or all units will be sold immediately. Can he avail the benefit of Sec 54 although building is not held for Long Term period.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 January 2018 1. Capital gains for land and building has to be computed separately, land being
long term asset and building being short term.

2. Section 54 benefit cannot be availed for land alone. So also for building being
short term.