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Ltcg on vacant sites

Tax queries 487 views 2 replies
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consultant
77 Points Posted on 14 December 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

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On 14 December 2013 at 07:47 Report
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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)

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.

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On 14 December 2013 at 10:29
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Entrepreneur
424 Points Posted on 14 December 2013
Agree with Madhavi Ji
1 Reply
On 14 December 2013 at 11:46


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