Capital gain
This query is : Resolved
SEBI GEORGE
(Querist)
06 August 2012
An assessee without any house property in his name has huge capital gains on sale of land. Can he buy two house properties to avoid capital gains?
Amol S Joglekar
(Expert)
06 August 2012
No. Capital asset is land. the exemption available is 54F which restricts the property to ONE. Had you sold land along with building (may be of 20 sq ft) sec 54 could have been invoked
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