capital gain on second house property

This query is : Resolved

VIKAS GARG (Querist)
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15 February 2011 sir

i have 02 residental property i want to sold out one property and another want to re construct .

now problem is that can i invest the LTG in old house construction or go for new house purchase

CA bhargava

CA bhargava (Expert)
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15 February 2011 as per section 54 to claim exemtion ..the condition is to invest in house preperty like...
before one year or within 2 yrs purchase a house property ...
or within 3 yrs constructin of a house.
But as per Ananda basawappa case and also unlike 54 F ,
it can be put in any house property which includes development.