29 June 2010
My client wants to sell house property in Pune & want to reinvest in Residential plot in Pune itself.The house property is held for more than 3 years.He may construct bungalow on plot at later stage.Will it attract Capital gain Tax or will be exempted
29 June 2010
If the construction of the house on the plot will be completed in three years from the date of sale of the house the same will be exempted u/s 54 as the exemption is provided to residential house contructed and not for purchase of residential plot.
CAclubindia
