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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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

Rupesh Jain (Expert)
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04 July 2015 YOU CAN TAKE ONLY DEDCTION ON ONE PLOT AND MAKE OR BUY THE HOUSE

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