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
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