Whether investment made in a plot for the construction of a residential house are eligible for exemption under section 54?

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FAQs on Exemption available from Capital gains

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CBDT’s Circular 667, dated October 18, 1993, clarified that the amount invested for the purchase of a plot towards the construction of a residential house is eligible for exemption under section 54. Further, it was clarified that the exemption will be allowed only if such construction is completed within the stipulated time limit.