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Exemption under Section 54 for LTCG

Tax queries 324 views 4 replies

kindly help me in clarifying my doubts about exemption 54:

1. does it apply for vacant plot of land? agricultural land?

2. can you sell 5 properties for example to avail exemption upto 2 crores?

3. can reinvest in maximum 2 new properties? if you already have 5 properties, what happens?

4. you have property A for 5 years. you gift it to a family member and they immediately sell it. can they avail exemption 54 on sale of property A?

thank you.

Replies (4)

1. No

2.  You may, exemption can be claimed by sell of HPs.

3. No problem. You can get exemption. But for investment in 2 HPs, its once in lifetime.

4. Yes, eligible.

Thank you
1. it does not apply for vacant plot of land.
2. Yes
3
tenure is there within a spe ific span .
4.They can avail 54 exemption.

You are welcome ..                


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