Long term capital gains tax
This query is : Resolved
09 September 2018
I own two properties, viz., one residential flat and one residential plot of land. While I reside in the residential flat. I want to sell away the residential plot of land and reinvest the entire sale proceeds to buy another residential flat in my name. Whether, I am entitled to claim full exemption for Long Term Capital Gains Tax on the transaction?
The condition for benefit under Sec 54F will not be applicable in case the Tax Payee "owns more than one residential house, other than the new asset, on the date of transfer of the original asset". I need a clarification whether in my case, I will be eligible to claim exemption from LTCGTax under Sec 54F or not? I request for a clarification regarding my doubt in the instant case.
The condition for benefit under Sec 54F will not be applicable in case the Tax Payee "owns more than one residential house, other than the new asset, on the date of transfer of the original asset". I need a clarification whether in my case, I will be eligible to claim exemption from LTCGTax under Sec 54F or not? I request for a clarification regarding my doubt in the instant case.
CA R SEETHARAMAN
(Expert)
10 September 2018
You are eligible for 54F exemption as you already own only one house.
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