I have sold a piece of urban land in municipal area and purchased a urban land measuring of 3 acres for constructing residential house for own use (Construction area 10000 sq ft), will i be eligible to claim capital gains deduction U/s 54 F of Income tax Act, 1961.
3 Replies
krishna bhatt
(employee)
(236 Points)
Replied 22 March 2013
section 54 F exemption is available if you invest Any Long term C.G. in a residential house property.
if you are planning to build a new residential house property than the total cost incurred by you to owe that property will be available as exemption u/s 54 F.
provided building/construction should be completed in 3 years of transfer of old property.
FYI
Total cost includes,
1. The cost of the land, plus
2. The amount it cost you to complete the house, including:
3. The cost of labor and materials,
4. Any amounts paid to a contractor,
5. Any architect's fees,
6. Building permit charges,
7. Utility meter and connection charges, and
8. Legal fees directly connected with building the house.
krishna bhatt
(employee)
(236 Points)
Replied 22 March 2013
https://taxmap.ntis.gov/taxmap/pubs/p523-002.htm
vikas kumar surana
(CA Final (New Course))
(51 Points)
Replied 27 March 2013
Dear Sir, Thanks for ur response.
I also want to know , can i claim the entire cost of land of 3 Acres U/s 54 F.
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