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
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Ltcg on vacant sites
Replies (2)
| 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) | ||||
So, if you sell the vacant plot and earn LTCG, you cannot get deduction under any of above sections if you invest in another plot.
Agree with Madhavi Ji
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