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Exemption u/s 54

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 November 2012 Whether Cost of Construction and Purchase of Plot incurred within one year before of arising of capital gains can be allowed as Exemption u/s 54. Major Cost of Construction and completion of construction is within three years.

Kindly support with case law if any.
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CA Manish

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CA Manish (Expert)
29 November 2012 yes, It is allowed.

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