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capital gain
my moms owes a property of land she want to sell that land and reconstruct an upper floor of house in which we leave .but can we get 54 F exemption if yes in lot of cases reconstruction of house is not get exempted also i have 2 to 3 CA they have told to pay Capital gain Tax only we can purchase a new property ? Can anybody tell me what to do to save tax i am confused
Replies (2)
The capital gains (after indexation) amount only, she can invest in capital gains bonds (sec. 54 EC) for 3 years period to save tax, and rest of the amount from the sale proceeds can be utilized in repairs of the house, may be along with some loan.
Sir my mom want to do reconstruction of house by building upper floor can we get 54 F exemption and paying that amount to builder .we are ready to open type A capital gain account with bank? Question arise here upper floor for residential house is exempted or not if yes any case or section that high court has agreed
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