https://www.taxtmi.com/caselaws?id=332124 Section 54 exemption applies only when capital gains are invested in the purchase or construction of a residential house within the prescribed time, and compliance with the capital gains deposit scheme is required where applicable. On the facts, vacant land had been acquired earlier than the transfer of the original residential property, no timely deposit was made in the capital gains account, and the later works on the land were limited to a swimming pool and lawn adjacent to an existing house. Those improvements did not amount to purchase or construction of a residential dwelling unit, so the claim for exemption failed. en-us Wed, 27 Jul 2016 00:00:00 +0530 Sun, 11 Sep 2016 14:38:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332124 Section 54 exemption applies only when capital gains are invested in the purchase or construction of a residential house within the prescribed time, and compliance with the capital gains deposit scheme is required where applicable. On the facts, vacant land had been acquired earlier than the transfer of the original residential property, no timely deposit was made in the capital gains account, and the later works on the land were limited to a swimming pool and lawn adjacent to an existing house. Those improvements did not amount to purchase or construction of a residential dwelling unit, so the claim for exemption failed. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332124