Hi, Mr.X is a Senior citizen assesee, he bought vacant plot in March 2023 and later sold his residential property in December 2023, out of the proceed received, he started construction of the vacant plot for his own residential purpose, which is still under construction.
Please let me know, if he can claim the deduction under 54 for Vacant land purchase price and construction cost of the property for residential use, to avoid the Capital Gain for the one property sold.
please guide
thanks
shashi kiran
CAclubindia
