Exemption under section 54

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 November 2012 Sir i had purchased a land in 2002-03 and construct basement and ground floor in 2005. That the same was sold in 2006 but roof right is not sold. I have Exemption claimed under section 54 and construction 1st,2nd, and 3rd floor on the sold building. in this regard my question is exemption is available or not.

Sunny Sonwal

Sunny Sonwal (Expert)
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30 November 2012 According to section 54 one can claim exemption for their capital gain-
By purchasing another a NEW residential property within 1 year before or 2 years after the date of transfer, or
Construct NEW house within 3 years from the date of transfer.

But in your case the property is the same so you cann't claim under section 54.