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Doubts regarding exemption under section 54 if we go for construction of a residential house., Income Tax

Issue Id: - 114194
Dated: 29-9-2018
By:- Kiran Verma
Doubts regarding exemption under section 54 if we go for construction of a residential house.

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I just gone through Section 54 and 54F and relevant case laws,notificatiions, and Circulars and this nice article. But the following doubts needs clarification. At first in the case of construction of a residential house, the time limit is 3 years. The doubt is this te years include bying the plot/land and construction or else is it compulsory that the plot/land should be purchased before 2 years and construction be completed in the next year or can purchase and construction be effected in the third year and completion off cousre before the end of 3rd year! 2. Is there any restriction in apportionment of the capital gains to be invested in plot/land and towards construction of the house? 3. Is there any restriction of the proposed construction of the house to meet the requirement such as a minimum plinth area or minimum of bed rooms or first floor or duplex like? My doubt is can i invest 80% of my gains in land and just 20% in the house built over there? If the author could clarify these doubts I shall be grateful Regards RK/25-07-2009

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1 Dated: 1-10-2018

In my view there is no such restriction. You have to complete the entire construction within three years from the date of sale of the asset on which capital gains arised.


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