Sale of vacant site

This discussion explores whether the proceeds from selling a vacant site can be used to purchase another vacant site, particularly when the seller already owns two houses. The core question revolves around capital gains tax exemptions under Section 54F, which typically applies to reinvesting in a residential property. The advice suggests that while purchasing a new residential property with the entire capital gain can exempt you from tax, the definition of 'property' for vacant land might require building a new home or investing in bonds to qualify for the exemption.