Confusion in Save Capital Gain Tax on Housing property

Tax queries 144 views 8 replies

Sir/MAdam,

I have 10 years old Residential plot and now i am planning to sell out in 30 Lakhs and want to buy again residential plot in 35 Lakhs at another location. But i am confused in how to save/exempt Long term capital gain tax(LTCG) in my case.

I know two section through which we can save LTCG but my case is different :

1. Section 54  = Sell out only Residential House/Flat but have to Buy only Residential Residential House/Flat.

2. Section 54F = Sell out Residential House or Plot  but have to Buy only Residential Residential House/Flat.

But in my case, Selling housing property is Residential Plot and Buying housing property is also Residential Plot then which Section will be applicable in this scenerio ? Plz suggest 

Replies (8)

Section applicable to save LTCG in residential plot is Sec. 54F & not sec 54.

You cannot save the LTCG unless you by a residential house property, or construct any house property over the residential plot to be purchased.

Sir read my question once.....section 54F is also not applicable.

 

 

Exemption u/s 54F can be availed if you would construct house in the new plot within 3 years. But if you have no plan to construct house, then no exemption u/s 54F would apply.

Madam,

Pls do not confuse....

My question is very simple, I wanted to know only that  can we sell Residential Plot and Buy another Residential Plot from amount of sell-out amount ?

If i do so then which section will apply in this scenerio ?  Plz suggest 

 

Note: As far as my knowledge we can not save capital gain tax If we sell plot and take plot instead.

I think no section/rule for Plot to Plot ....

Plz read section 54 and 54F once for more clarification.

Stop posting derogatory remarks!

If you don't understand my reply and get yourself confused, don't try to blame me for your situation.

Further, if you already know the answer and not open to thoughts of others, stop posting such queries.

Madam,

My english is not good, i meant to say that Don't be confused. 

I am not expert as you and I know one thing is that Experts never get angry. 

If any capital gain tax expert here plz help me out


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