Capital Gain deduction fy-23-24

This query is : Resolved 

13 May 2024 Sir/Madam

I have sale my house for Rs. 30 lacs and made following investment in May 24

> Invest in Open Plot in joint name of my son. total sales proceeds invested in this plot
> Balance amount of open plot -loan taken by my son from finance company.

Can i eligible deduction from capital gain arise from sale of my house rs.30 lacs

Please guide me.

13 May 2024 Unless, you wish to construct house property over it, the exemption is not available over purchase of plot.

13 May 2024 Within how many years construction will be completed?

Under which section deduction is available?


13 May 2024 The house property should be constructed within 3 years from the sale of your earlier HP.
In this case sec. 54 IT act, 1961 will be applicable.

07 September 2024 Good Luck.



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