Dear sir,
One of my client is selling a land , which he had purchased during 1950s. The gudie line value in 81-82 is only 20 k. Now he is selling the same for 2 cr. Can he invest in a residential property , so that he will get a tax exemption. He does not have a house property in his name. But he is having another 2 plots of lands .
Please advise
Yes, he can. As he dosen't have a residential property and as the capital asset sold is not a residential property, he can claim benefit u/s 54F
Yes! He will be entitled to exemption.
yes, he can availtax exemption u/s 54F.
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