Admissibility of deduction U/s 54/54F on Long Term Capital Gain arising in JDA
In a Joint Development Agreement (JDA) where Land Owner gives 1 floor to the builder equivelant to 22.5% of total land area and retains the remaning land equivelant 77.5% of total land areaand gets new constructed residential building on it equivelant to his share of 77.5% of total area thereby resulting Lont Term Capital Gain Tax of Rs. 31 lakh, can this amount of Long Term Capital Gain be allowed for deduction U/s 54 and 54F on the bssis that entire consideration has been invested in construction of new residential building provided by the builder under JDA, thereby reducing Taxable Long Term Capital to bill value. | anreads Forums | anreads