one of my client have 2 land in municipality area
one land is agricultural land and second is residential land.
assessee has sold out the one land
and he wants to construct business godown on second land.
can he avail the benifit of sections 54
3 Replies
Sumit Shukla
(378 Points)
Replied 03 January 2021
You can claim exemption under sec 10(37) on slae I'd
Smit Shah
(524 Points)
Replied 03 January 2021
If you earn capital gain on sale of agriculture land then exemption can not be avail as exemption is only availed on purchase of another agriculture land i.e.as per section 54B
if you sale another land than exemption can be avail in 54F provided you purchase or constructed RESIDENTIAL HOUSE but as he want to construct godown no exemption under that section can be claimed
if you sale another land than exemption can be avail in 54F provided you purchase or constructed RESIDENTIAL HOUSE but as he want to construct godown no exemption under that section can be claimed
rama krishnan
(12239 Points)
Replied 03 January 2021
No you can't claim any deductions under 54,54B,54F,54EC etc
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