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Question ID : 35852

Long term Capital gain

An asessee has sold a plot earning around Rs 5 Lacs as long term capital gain. He is owning a residential house which he wants to reconstruct after demolishing existing structure. Whether it will be treated as construction of new house for availing exemption from Capital gain

Posted by Mahesh Kumar on Oct 20, 2018

Filed Under Capital Gains

Answer ID : 74984

Yes the assessee will get the benefit of Sec 54F if he has within a period of three years invested the whole net consideration of plot in construction of the new house.

Posted by POOJA on Oct 22, 2018
Answer ID : 74985

in my opinion if the old house was entirely demolished and a new house was contructed then the assesseee may avail long term capital gain exemption

Posted by PRABAKAR on Oct 22, 2018