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Question ID : 44387

Exemption U/S 54/54F for self constructed Residential House

if new self construction property completed (OC Received) within 1 year before sale of old property, can we consider it as "purchase" and claim exemption or provision is silent on before construction property (specifically mentioned construction should be completed within 3 Years after sale of property) and claim exemption. Any case law available in such scenario

Posted by CA. CHAVAN TRUPTI GAJANAN on Dec 21, 2022

Filed Under Capital Gains

Answer ID : 83849

Construction cannot precede sale of original asset per act and case law reported in (1981) 129 ITR 218 (Guj). No case law with me to equate construction and purchase.

Posted by B.CHACKRAPANI WARRIER on Dec 22, 2022