24 November 2011
assessee has purchased a Land in the year 2005 and constructed the house in the year 2008. he sold the complete house in the year 2009. Question: 1. whether it can be claimed as LTCG 2. If yes, can a deduction u/s 54 can be claimed. please help me with some decided case laws.....
25 November 2011
As house was held by assessee for less than 36 months, so deduction u/s 54 shall not be available. The period of holding the land is irrelevant for the purpose of section 54.
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