i had sold my residential house for 20 lakh and i there are capital gain of 12 lakh now i invest 7 lakh in new residential plot and after that i have incurred too much on construction of residential house on that plot .
my question is whether that construction amount is available for exemption u/54 in addition to 7 lakh?
2 Replies
Kapadia Pravin
(17259 Points)
Replied 23 August 2019
yes. you are eligible for benefit under section 54 for 7 lakhs plus construction cost
RAJNISH PANDEY
(33 Points)
Replied 23 August 2019
Yes under sec 54 construction time is allowed for exemption.
Also you have 3 years time for construction from the date of transfer of residential house.
Also you have 3 years time for construction from the date of transfer of residential house.
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
