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Sale of vacant site
my query is can i use the amount for purchase of another vacant site. i have already two houses.
Replies (5)
If you use the entire capital gains for the purchase of the new property, then you don't have to pay any capital gains tax. Who is it for? Exemptionsunder Section 54F is ideal for people who sell a property to pay for the purchase of a new residential property.
More than 2 House -3rd House is declared as let out house property.
But it is vacant land. shall I use for purchase of another vacant land.
i have already two houzes1
i have already two houzes1
I think you can claim 54 exemption for purchase of residential property (vacant land)
The problem arises because the term property is not clearly defined as land or home. This article suggests, if you build a new home, you will get exemption, or else invest in bonds https://www.adityabirlacapital.com/abc-of-money/how-to-calculate-capital-gains-tax-on-sale-of-land
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