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Selling of residential plot 54 or 54F

Dev (advisor) (37 Points)

20 November 2022

I sold 3 residential plot in 22-23.

will it comes under 54 or 54F ?

Means I need to invest only LTCG amount in new residential house or complete sale consideration in new residential house.

Selling of residential plots gives exemption under section 54 or section 54F...

Pls reply.

Thankyou

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 20 November 2022

Sec. 54F of IT act will be applicable.

Investment of sale consideration would qualify for its exemption under sec. 54F of the act.

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Dev (advisor) (37 Points)
Replied 21 November 2022

Ok sir.

Hence, my mother will buy new house with total sale value of plot.

Now, other thing, can she buy new house in joint name of her and me. Whole payment will be made by mother.

In this case we will be able to take tax exemption benefit ? and what is the benefit of adding son name jointly while buying residential property considering future aspects ?