Allowing the appeal of the assessee the Court held that , cost of land is also form cost of residential house and it is not necessary that same money from sale of residential asset must be used for claiming exemption. ( AY.2010-11 )
C. Aryama Sundaram. v. CIT (2018) 407 ITR 1/ 258 Taxman 10/ 171 DTR 295 / 305 CTR 567 (Mad) (HC)
S. 54 : Capital gains – Profit on sale of property used for residence -Construction of residential house – Cost of land is also form cost of residential house –Not necessary that same money from sale of residential asset must be used .[S. 45 ]