05 March 2011
I had sold a residential land last year for 25 lac on which LTCG is 20 lac
I want to know that if i go for Constructing a residential house in order to claim exemption u/s 54, can i include the purchase and improvement cost of the new residential plot i m going to use for the aforesaid construction for calculating the total cost of construction?
05 March 2011
I think for claiming exmptn u/s 54.., construction can b claimed.., bt nt the cost of improvement, unless its a MAJOR improvement... Nywz, lets welcome real experts and get their opinion as well...
Querist :
Anonymous
Querist :
Anonymous
(Querist)
06 March 2011
I mean the cost of the land on which the house will be constructed
06 March 2011
The cost of land can be included for the purpose of ascertaining the amount of construction cost incurred for new house U/Section 54 & 54F.
CAclubindia
