I own a residential house property and a small plot of land(vacant) since 1992(long term). if i wish to sell the vacant land and buy second residential house property or a shop. can i get the benefit of exemption under capital gain.
The new residential property/plot would be second property in my name.
I had the understanding that if person continues to hold 1 residential house property, he will not get exemption on second house property.
Hi Amit
as far my experience, you will not be taxed for your LTCG for vriandavan plot . as it was bought in 1992.
moreover, If you have LTCG taxable than you can buy second house and get the exemption u/s 54.
my concern is do income tax allow exemption on 2nd house property.
I had and understanding that a condition was there that, if person already holds one house property then exemption is not allowed for second house property.
yes, second house exemption allowed u/s 54 F
@ CA Sudesh Kumar Gupta. thank and appreciate your reply. it surely cleared my misinformation.
CAclubindia
