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
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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