Рет қаралды 1,181
If a taxpayer wants to construct her/his own house, the time limit to complete the construction is three years from the date of transfer.
Sections 54 and 54F of Income tax act provide that capital gains arising on transfer of a long-term capital asset shall not be charged to tax to the extent specified therein, where the amount of capital gain is invested in a residential house. In the case of purchase of a house, the benefit is available if the investment is made within a period of one year before or after the date on which the transfer took place and in case of construction of a house, the benefit is available if the investment is made within three years from the date of the transfer.
CA Rahul Agarwal
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