QUERIY ON EXEMPTION U/s. 54

 I guess sec 54 is for residential house only..so u cant claim it 4 land....and if building too was LTCG since its a residential house sec 54 can be claimed...

In case of land he can claim exemption U/S 54F

Yes he can claim 54. Land is part of house. you can use LTCG of Land. you can also claim for Purchasing land. because it will be assume that it is purchased for constructing house.

On this assumption that Land is part of residential house you can claim 54.

its my view. i think its right.

Actually if u go by wording of act it does not seprate land and building as i cant construct building without land

hence he can claim exemption u/s 54

in my view land is different from residential house property.

when any structure constructed on it, it will then, become residential property.

as section 54 is not applicable to land section 54 exemption can not be availed in ur case.

i don't think, Y can claim exemption u/s 54 & 54F. 54- the res. house is STCA and 54F- owns more than one house.

If it only for Land (ie Building is seperable and it is short term) can clim U/s. 54 F

In Case building is LTCG then he can claim Deduction u/s 54 for both Land and Building..

 relevant part of sec54

the capital gain arises from the transfer of a long-term capital asset being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head Income from house property

hareesh where did u studied it?

 Nop Machender..its from the site

I guess you can check it out

And please do say if am mistaken ok...I thought we could get the sec 54 exemption only if a LT residential house(along wit land appurtanent) was sold and not only land...If so i need to correct myself

 https://law.incometaxindia.gov.in/TaxmannDit/Displaypage/dpage1.aspx?md=2&typ=cn&yr=2009&chp=31

Hareesh please read it carefully, u will understand the meaning of the wordings mentioned there in.

Thats what i posted Machender...please make yourself clear so i can correct myself yaar...And the IPCC book i studied just says asset transferred should be Residential house..It does'nt say anything els about land...so i wud be happy if u cud throw some light into it