Long term capital gain

Pi\urchased a huse In UP in 1996 and sold it in 2014, June.   Completed construction of a huse at West bengal with same amount certified by builder.  After indexing the value of house sold at UP is few thousand less than the building caost of my new house.  Whether I can get complete exemption in US54?    I am not claiming anything as capital loss or anything in Schedule BFLA/CYLA.     Is it OK ?
Asked 2 years ago in Income Tax from Burdwan, West Bengal
You have to offer capital gains and then claim exemption u/s 54. If there is a capital loss then where is the need for claim u/s 54.  It is O K to file return in form no 2
Vijay N. Kale
CA, Hyderabad
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