I own 2 plots of land(long term capital assets). I have decided to sell one plot and construct a house on another plot. Can I claim any exemption for the capital gain arising on sale of the one plot and reduce my taxes?
what if i start my construction of house before hand and then later sell the other plot?
can anyone please help?
Yes it will exempt u/s 54 F
but the condition is that u doesn't own any residential house and u should invest the entire sale proceed must have been reinvested into construction of residential building with 3 yrs from the date of transfer..
CAclubindia
