Hi,
How can we take exemption for Capital gains u/s 54 for construction of House within 3 years ?
How do we know the Expense that we do in future.
Should we keep it in CGS account and utilise it accordingly ?
Please clarify
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Capital gains exemption for construction of House
Replies (2)
Quick Summary
You have to spend entire amount of Capital Gain in order to claim exemption under section 54 of the Income tax act for construction of new house , also you have to invest in Capital Gain Account before the filing of return and you can untilse capital gains , for construction of house within stipulated period .
This exemption under section 54, is available only to individual for sale of old house property not other Asset.
This exemption under section 54, is available only to individual for sale of old house property not other Asset.
U can keep it in CGS account and utilise it accordingly within 3 year for constructions
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