Long-term capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2018 I have two residential house x and y.out of which one "y" was purchased by me in year 2005 for 5 lacs.now this "y" property is sold for 56 lacs in year 2018.how can I save my long term capital gain tax..as already I have one residential house "x"..what are options available to save tax

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

09 May 2018 You can buy another house and claim exemption u/s 54 or deposit in capital gain bonds for 5 years u/s 54EC.

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Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2018 Some one is saying that I can't get exempion under 54 as already I have residential house in which we stay..

Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2018 Someone is saying that I can't get exempion under 54. As I have one residential house in which we stay

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

09 May 2018 They are wrong you can get exemption u/s 54.
The condition is buying not more than one house out of the capital gain to claim exemption. No limitation for holding more than one house.

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Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2018 Can I buy a residential plot. Instead of residential house

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

09 May 2018 You can buy residential plot but you have to construct house on it within 3 years.

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