Dear All
I have a confusion in capital gain, that if any person owns a house and reconstruct it completely, then will he get exemption u/s 54 or not. Also if any person buys a residential house and reconstruct it will he be eligible for an exemption u/s 54 for construction, i.e. he will get time of 3 years or not???
If anybody has a refernce of any judicial decision then please let me know.
Thanks in advance
theh assesse sold his property and invested the capital gain within stipulated time in construction of a new floor on another house owned by him, by demolishing the existing floor, it was held that he can claim exemption U/S 54
Yes, construction or renovation can be claimed as deduction u/s 54
Dude where is the question of capital gain in this case.... If i misread the question then plz explain me,,,
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