The Assessee constructed a house upon said land in the financial year 2013-14 and sold said land along with one part of a house constructed upon the land in the same financial year for a consideration of a certain amount. She further made investments in new residential house property and, accordingly, claimed exemption under section 54 of the Act. Held that building/house constructed was sold within 36 months of construction and, hence, capital gains arose on it being a short-term capital gain was not eligible for exemption under section 54 of the Act.  However, since the assessee had held land for more than thirty-six months before its sale, exemption under section 54 was to be allowed on long-term capital gains realised on the sale of land.  Tribunal held that consideration towards land has to be assessed as long-term capital gains.  Deductions on account of the construction of the boundary wall and the filling of soil were disallowed due to failure to provide any evidence.  (AY. 2014-15)