Capital Gains from property sale

202 views 4 replies

Aditya Madhavapeddi

10 Points Joined January 2020

Can proceeds from sale of plots (open plots...nothing constructed) be used to purchase a new flat to avoid long term capital gains tax or do i need to buy plots again? I have held these properties for almost 10 years

Replies (4)

CA Piyush Agarwal

CHARTERED ACCOUNTANT

1499 Points Joined April 2017

See section 54

Kapadia Pravin

17264 Points Joined December 2018

Your idea of selling plot and then buying new flat will entitle you to claim Deduction under Section 54F in respect of long term capital gain.

Go ahead