Yes, one can claim exemption from capital gains u/s 54 or 54F for land purchase , but only if the said land is part of land on which house is being constructed. This is the decision in ACIT vs Narendra Mohan Uniyal (2009) 34 SOT 152(Del), dt.31.08.2009. Facts of the case The assessee sold a...
Will There be Capital Gains on Sale of Allotment of Land?
April 16, 2010 by
you have completed transaction of buying and selling . Therefore , gains on the said transaction shall be charged under the head capital gains . Since the asset was not held for more than 36 months before selling, the gains will be short term. registration amount paid by me for avas vikas ).
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