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Sec. 54 relief was available on newly constructed property including cost of land: Madras HC

September 15, 2018[2018] 97 74 (Madras)/[2018] 258 Taxman 10 (Madras)/[2018] 407 ITR 1 (Madras)

IT : Not only cost of construction of new property incurred after sale of old property would be eligible for exemption under section 54(1), but also cost of land on which new property was constructed, even if such land had been purchased three years prior to sale of old property

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