Can I set off Cap Gains against Property purchased previously

Share This Thread
  1. Rajans347

    Rajans347 New Member

    Thanks for your response.
    I understand that 54F is only for capital gains arising from the transfer of a long-term capital asset other than a residential house , say a residential plot. The query here is as I am constructing on a plot purchased in Feb 2013 , should I complete the construction before Feb 2016 for claiming CG exemption on a site that is sold now.
  2. Manoj Mehra

    Manoj Mehra Active Member

    The date of purchase of plot is not relevant as you are not claiming exemption for purchase of plot.

    You are claiming exemption under Section 54F for construction of residential house which is to be completed within 3 years from date of sale of asset.

    It does not matter when you purchased the plot.
Draft saved Draft deleted
Similar Threads Forum Date
bank loan against land Misc. Sep 20, 2014
Capital Gains Misc. May 11, 2016
capital gains proceeds Misc. Apr 27, 2016
query on capital gains tax Misc. Apr 24, 2016
Fixed deposits under FRTD interest in Capital Gains account Misc. Apr 20, 2016