Definition of residential house with reference to section 54F
This query is : Resolved
08 February 2024
Hello,
One of the important condition for availing exemption under Section 54F is that the taxpayer should not own more than one residential house other than the new property, at the time of the sale of the original asset.
What is the definition of residential house in the above condition? Does a residential plot (vacant land) is considered as residential house? For example, at the time of the sale of the original asset, if a person owns one residential house (residential flat) and a residential plot (vacant land with no plans of constructing the house or leasing the land in next 5+ years) and wants to invest long term capital gains in buying another residential house, will they be eligible for availing exemption under Section 54F? Please guide
One of the important condition for availing exemption under Section 54F is that the taxpayer should not own more than one residential house other than the new property, at the time of the sale of the original asset.
What is the definition of residential house in the above condition? Does a residential plot (vacant land) is considered as residential house? For example, at the time of the sale of the original asset, if a person owns one residential house (residential flat) and a residential plot (vacant land with no plans of constructing the house or leasing the land in next 5+ years) and wants to invest long term capital gains in buying another residential house, will they be eligible for availing exemption under Section 54F? Please guide
08 February 2024
Yes eligible vacant plot will not be considered as residential house.
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08 February 2024
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