My client owns a land which is leased to him by State Govt. for 99 years. His wife owend a property which she sold this year and is using the proceeds to construct the house on clients land. can she claim tax benefit u/s 54? No where in the act they have mentioned that to construct the house they have to own the land either. Would they have to complete any formalities to claim this tax benefit?
CAclubindia
