Hello all,
One of my client sold Shares (Long term) and invested the same in Open plot.
Is he eligible for claiming capital gains u/s 54F?
Little bit urgent. Please help
Thank you.
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Sold shares and Purchased plot
Replies (1)
Investment in Open Plot: The client has invested in an "open plot", which typically refers to a vacant land without any construction.
According to the Income-tax Act and relevant judicial precedents, an "open plot" or vacant land does not qualify as a "residential house' under Section 54F unless it is used for residential purposes or has a residential structure on it. The exemption under Section 54F is specifically for investment in a residential house, not just any land.
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