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Can a house be built on agri land using sale proceeds? – Property Hotline
Posted
June 23, 2016
Views
4,901
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37
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June 23, 2016
4,901
37
1
0.78%
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3:14Now PlayingBe Un Confused
Expert – Jayesh Kariya, Tax Expert
Question: I sold a home in Mumbai for Rs 20 lakh. Can I buy an agricultural land and build a house in my village using the sale proceeds?
Answer: Sec 54 is applicable only if a long-term capital asset, being residential house property, is sold and the amount of capital gains is reinvested to buy a residential house property and/or construct a residential house property.
If an agricultural land is purchased and also house is being built separately and independently, capital gains tax exemption available on construction of house and not on purchase of land.
If agricultural land is purchased and then a house is constructed on such land, the capital gains tax exemption benefit would be available on the entire cost of land and construction of house.
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