13 March 2015
An assesse purchase a flat in 1999 (Property 1) and also purchase another flat (Property 2) in 2001 and also purchase row house (Property 3) in 2011. Now he has sold flat(Property 1) (Purchased in 1999) on 11/03/2015 and started construction of new building on old row house purchased in 2011 (Property 3) in August 2014. Please le me know that the LTCG arise on sale of Flat No. 1 is exempted u/s 54 of the Act as he has started construction of new building on old row house?
CAclubindia
