LTCG on sale of residential plot

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Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 I have sold a residential plot in 2009 whis was purchased in 2003.after sale of plot in 2009, I have purchased new residential plot in 2009. what is my tax liability on LTCG. Can I get exemption u/s 54 or 54F

srinath

srinath (Expert)

30 July 2010 it is long term capital gain and u can claim exemption u/s 54F only if u purchase another house. or u can construct a house within 3 years and claim this as exp

and u can invest the proceeds in any capital account scheme with any of nationalised banks til the amount is spent

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2010 I M NOT SATISFIED

srinath

srinath (Expert)

31 July 2010 u r nor satisfied with the reply??

in wat way u want the answer

Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2010 I just want to know that exemption is available in case of plot or I need to construct the plot. I mean to say that whether exemption is eligible in case of plot which is not constructed i.e residential plot is termed as residential house property.

srinath

srinath (Expert)

01 August 2010 no as i told u u cannot avail exemption for purchasing plot.. u need to construct. construction can be done within 3 years from the date of transfer

CA Ravi Sisodia

CA Ravi Sisodia (Expert)

01 August 2010 exemption is based on purchase or construct house property. sec.54f exemption is not allowed when purchase plot only. construction is must for getting exemption.

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