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Exemption from capital gains tax

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18 October 2016 Hi Experts
I own two vacant lands in different localities of Bangalore and am in the process of selling both of them. Can I avail exemption from Capital Gains Tax if I invest the Combined Net Consideration from both the plots in a house property? I already own a self-occupied house property in the city.

18 October 2016 Yes you are eligible for capital gain exemption u/s 54F for both the plots..

19 October 2016 NO ,as per sec 54F in order to claim exemption You should not own more than one residential house at the time of sale of the original asset.




19 October 2016 Mr Kaviraja he is having only one self occupied house hence he is eligible.

21 October 2016 Dear Shri. Seetharaman
Grateful for your response and also counter to Shri. Kaviraja. I had also referred the same query parallely to "disqus.in". The reply received from Mr. Nitin Bhatia is quote"No. You cannot club and claim capital gain exemption for 2 properties by investing in One property. It was allowed earlier but now it is not allowed"Unquote. I shall be grateful if you could kindly cite some authorities/judicial pronouncements to clear my confusion.
Thanks and Regards

21 October 2016 As per the recent amendment you can't buy two properties out of sale of one property but reverse is possible selling two properties and buying one property.
See 54F conditions, already you have one house and buying only other one house within the time allowed. There is no condition put in section 54F prohibiting your case.
Case laws are there I am not getting it now search google you will get



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