Section - 54, Income Tax

[jasjit narang]

Section 54 query; Assessee has sold flat and has capital gain Rs. 40Laks, he is buying a property for Rs. 25 lakhs and buy amenities such as italian marble and modular kitchen of Rs. 15 lakhs. will it be allowed as exemption

Posts / Replies

[Rama Krishana]

Yes, purchase of a house and improvement thereof at the time of purchase would qualify the conditions of exemption under section 54.