What is a residential unit for 54f considerations

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Self
29 Points Posted on 26 January 2014

In reference to Long term Capital Gain/ Sec 54, What  a residential unit mean? 

1) One room - Kitchen - bath totaling  200Sqft on 1500 sqft land with electricity connection.

2) One room Kitchen - bath totaling  200Sqft on 2400 sqft land with electricity connection.

Will 1) and 2) qualify as ` a residential unit` ?  ( if both of  them generated rental incom?) 

Thanks

 

 

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On 26 January 2014 at 20:48 Report
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Wealth Manager
5293 Points Posted on 27 January 2014

Size of the residential property is not important. The residential unit must be habitable; one should be able to reside in there.

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On 27 January 2014 at 07:49

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