Urgent Query- Exemption U/s 54

This query is : Resolved

CA Bharat Aggarwal (Querist)
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14 February 2009
I have Sold a Res.House Property on 21.10.2008. The house was purchased in the year 2004-05.

I have also purchased a plot on dated: 09.05.2007

Can i claim exemption U/s 54 by constructing the plot purchased on 09.05.2007 ?

Give Some Case Laws if exemption can be claimed

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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14 February 2009 Yes, exemption can be claimed as the condition of construction in 3 years from the date of sale of original asset is met. The provision contained in section 54 is clear.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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14 February 2009 Yes, exemption can be claimed as the condition of construction in 3 years from the date of sale of original asset is met. The provision contained in section 54 is clear.

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CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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14 February 2009 Yes, exemption can be claimed as the condition of construction in 3 years from the date of sale of original asset is met. The provision contained in section 54 is clear.

M KRISHNAKUMAR

M KRISHNAKUMAR (Expert)
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11 March 2009 Yes . you can construct house within 3 years from the date of transfer and claim exemption. minimum investment in the house shall be the amount of capital gains. If construction not completed before the due date of your filing of returns unutilized long term capital gain to be invested in CG account scheme