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Whether eligible as exemption under capital gains

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dinesh vodela

11 Points Posted on 08 February 2020

X has bought one house property in 2015-16,
this property was dismantled and sold as a plot of land in 2019-20.Whether this sale eligible for exemption under section 54F?

And under what sections residential property and commercial property are defined as per IT act.

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Quick Summary

This discussion examines whether selling a dismantled house property as a plot of land qualifies for capital gains tax exemption under Section 54F. It also clarifies how the Income Tax Act defines residential and commercial properties, referencing Sections 54 and 54F. The consensus is that exemption under Section 54F can indeed be claimed in this scenario.