Capital gains on property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 July 2015
I have 3 plots which I am holding since over 5 years. I now wish to purchase a house.
Can I sell 1 plot and buy a house or will have to sell 2 plots to buy a house to claim exemption from Income Tax as I have read that I should not be holding more than 1 Property to get the benefit. Kindly advise
Can I sell 1 plot and buy a house or will have to sell 2 plots to buy a house to claim exemption from Income Tax as I have read that I should not be holding more than 1 Property to get the benefit. Kindly advise
CA R SEETHARAMAN
(Expert)
04 July 2015
You can sell one plot and buy a house and avail capital gain exemption. It is only owning more than one house property denies your exemption. Owning more than one plot(land) not a problem.
Rupesh Jain
(Expert)
04 July 2015
YOU CAN TAKE ONLY DEDCTION ON ONE PLOT AND MAKE OR BUY THE HOUSE
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