No, Since you demolished your own building and sold only the rights to the land, you do not qualify for benefits under Section 54 of the Income Tax Act. Section 54 typically applies to selling a residential property and reinvesting the proceeds. Instead, you need to explore eligibility under other sections, like Section 54F, which covers investments in residential properties acquired through means other than sale proceeds.
Can I claim exemptions under Section 54 if I demolish my old residential house, give the land to a developer for a residential complex, and receive some apartments in return?
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