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Query related to sec 54 !!!

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(Querist)
25 April 2014 Dear Experts,
I want to clarify that if i sell a residential property and with the capital gain amount i construct a floor in my other residential flat. Can i be eligible to take the benefit of Sec 54 of the cost of construction ??

Pls suggest !!!

Regards.
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
25 April 2014 yes, you are eligible to trigger 54
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Abhishek Kumar

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Abhishek Kumar (Querist)
25 April 2014 Mayur jee, if i do only renovation of the first floor..shall i be eligible ??
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pranav

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pranav (Expert)
27 April 2014 YES U CAN AS PER VARIOUS RECENT JUDGMENTS OF APEX COURTS.
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
30 April 2014 Yes, even if you construct within prescribed time limit, you can trigger 54

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