HELLO FRIENDS,
MU CLIENT HAS SOLD A PLOT AND EARNS A LONG TERM CAPITAL GAIN
CAN HE CLAIM EXEMPTION U/S 54F OR NOT.
SEC 54F STATES THAT ANY LONG TERM ASSET EXCEPT RESIDENTIAL HOUSE.
PLOT IS NOT A RESIDENTIAL HOUSE.
PLS. REPLY ME.
THANKS.
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Sale of plot
Replies (2)
Sec54 is incase of residential house property and sec54F is in incase of other than resisential property
since plot of land is not a residential property,u can claim exemption under sec 54f up to the proportion of sale consideration received from the proceeds of the sale
Exemption under sec.54 F available.
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