Inquiry Regarding Capital Gain

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  1. Vishal Agarwal

    Vishal Agarwal New Member

    Dear Sir,
    I have an inquiry regarding Capital Gain.. If an individual i senior citizen and has taken bond NHAI , Purchase old house which will be demolished completely and reconstruct . Sir my question is that if he purchased new house should it be completed within 3years given time or it should be started construction within 3 years time . Can that individual senior citizen can also buy agriculture land with the capital gain along with the above given benefit taken according to income tax .
    Sir what are the thing we can show reagarding construction of new house to take income tax benefit mean stamp duty , material used for construction of house like cement , gitti , iron, morangh, bricks , finishing material like white cement , paint, POP, tiles , labour charges. Please do help me if other expenses can be shown if so please do tell.
    Thanking You.
  2. rudrabose

    rudrabose Active Member

    1. The construction has to be completed within 3 years to claim Capital Gains Exemption
    2. All expenses incurred on construction can be claimed provided you have a proper invoice which would have been issued at the time of making payment of such an expense.
  3. Vishal Agarwal

    Vishal Agarwal New Member

    if the land purchased last 6 or 8 months back of expiry of time then what is the solution for it bcoz it take time for map passing and many other as u must be knowing
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