J@$preet (Article CA-Final) (149 Points)
23 December 2011I have sold a 1000 sq. yards land and have a long term capital gains on that. Now my query is that
1. If I purchase another 1000sq. yards "LAND" only, will I get exemption from Income Tax on such Capital Gains u/s 54F?
2. or should I purchase a "HOUSE" only to get such an exemption ?
J@$preet
(Article CA-Final)
(149 Points)
Replied 23 December 2011
But can i purchase a 1000sq. feet land on which only two rooms in the area of 50sq. feet are constructed?
and the registery of that land will br done as a "HOUSE".
in such a case is there exemption available? because it will be considered as a inseparable land & building cost?
J@$preet
(Article CA-Final)
(149 Points)
Replied 23 December 2011
what is the meaning of Constructed here?
can i use such a sale consideration in construction of my old house? is there any exemption available in such a case?
J@$preet
(Article CA-Final)
(149 Points)
Replied 23 December 2011
so in this case i will be getting the exemption on the full value of sale consideration.
CAclubindia
