Case Law: Cost of land -Sec 54 exemption.

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Madras H C holds that, cost of land also is includible in the cost of house property for Sec 54 exemption.It also rejects the revenue’s stand that, the cost incurred after the sale of the original asset only qualifies for the exemption, holding that, if it was the intention of the statute, Sec 54(1) would not have allowed the investment made within one year prior to the transfer. TC-469-HC (2018) MADRAS

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