Please Help: Capital gain exemption Sec54
Posted Date : 29-May-2017 , 03:34:23 pm | Posted By Saurabh
i have sold back side portion of my self occupied house and out of sale proceeds i have contructed First floor on the same house.
Whether exemption u/s 54 will be allowed or not.
Whether exemption u/s 54 will be allowed or not.
Category : Income Tax | Answers : 0 | Comments : 2 | Hits : 325
Answers
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Vikash Kumar saini
01-Jun-2017 , 11:35:53 amyes, as per sec 54 of income tax act if capital gain arising to individual on residential house property capital gain shall be exempt to the extend construction cost of house provided that construction must be completed within 3 years from the date of transfer of property.
Arpit Kumar
01-Jun-2017 , 11:53:22 amyes it will be allowed