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Ltcg on vacant sites

Tax queries 468 views 2 replies

V Venkata Krishna

consultant

77 Points Joined October 2013

can a person claim long term capital gains exemption when a site is sold after 20 years and one more vacant site is purchased for the consideration received, even if the person already owns a residential accommodation

Replies (2)

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Long term capital Gains

Section	old asset	new asset	investment	conditions

54	Res property	Res property	cap gains	1yr bef 2 yrs after (if purchase)
				3 yrs after (if constructed)

54EC	Any asset	specified bonds	cap gains	w/I 6 months of tranfer
				max 50L

54F	any asset	Res property	sales	1yr bef 2 yrs after (if purchase)
			consideration	3 yrs after (if constructed)
				(No other Res HP owned)