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Long term Capital Gain on sale of Plot

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(Querist)
25 June 2011 Open plot sold in 2011. And a house is under-construction since 2004 and likely to be competed in 2012.

I want to know whether any exemption is available for construction of this house.
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CA. Krishna K Neeraj

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CA. Krishna K Neeraj (Expert)
26 June 2011 Yes as there is time limit for completion of construction and not for starting construction

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