Capital gain

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murali krishna moolmuri (Querist)
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20 January 2014 hi,,
My query is -
1.one of my client given his land for development and after development he received amount .i.e long term capital gain.he buy a house property in the name of his wife. before 1 year of development of above property .can we claim decuction u/s 54 r 54f?

CA Mohit Bansal

CA Mohit Bansal (Expert)
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21 January 2014 Yes! you can claim before completion of 1 year. You have to consider the date of transfer of beneficial ownership of land to buyer. And you can claim exemption u/s 54F and not 54. Exemption would be in proportion of total amount invested to the total sale consideration received.

Regards,
Mohit
bmohit02@gmail.com

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