I inherited a plot of land after the death of my husband in 2007(husband acquired it in 2005)..Now i have sold the plot of land and purchased another plot of land..(it is in area where neighbours have houses but mine is just vacant land)..
I want to know that can i claim exemption u.sec 54F or not?? And which year will be used to calculate indexation??
Yes, you may claim exemption u/s 54F, and the indexation for the cost of acquisition shall be the year when the previous owner acquired it (2005).
i dont think i can becuz u have to buy a residential property not a plot
Section 54F :
If any long term property is sold then assessee can claim exemption u/s 54F, if he invest in RESIDENTIAL house property within 2 year if he purchase and 3 years if he constructs...
You cannot claim exemption under Sec 54F, because you invested in plot...
CAclubindia
