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Capital gain exemption u/s 54 on farm house

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(Querist)
18 April 2019 Can capital gain exemption u/s 54 be availed on farm house. does the definition of residential house property includes farm house???

Thanks in advance
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Amol S Joglekar

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Amol S Joglekar (Expert)
19 April 2019 yes. Exemption can be availed on farm house
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Surabhi

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Surabhi (Querist)
16 June 2019 Any citations for such. If any pls provide. As I am unable to find any.
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Amol S Joglekar

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Amol S Joglekar (Expert)
17 June 2019 Citation as such not required. Farm house is for residential purpose. Right?
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Surabhi

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Surabhi (Querist)
17 June 2019 Yes for residential purpose
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Amol S Joglekar

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Amol S Joglekar (Expert)
17 June 2019 then no need to go for citations. Your use of farm house is for residential purpose which is sufficient to get the exemption u/s 54

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