Capital Gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2011 I bought a villa plot in a gated community in Sep 2005.
Also entered into a construction agreement as part of the sale deed.

Sold it for a profit without constructing any house in Dec 2010 but assigned the construction agreement to the new buyer.

With the proceeds I bought a new house in Dec 2010.

Am I eligible to claim LTCG unders section 54 if I have already two houses in my name other than the newly bought one?

Thanks in advance,

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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06 June 2011 WHAT U HAVE SOLD IS A PLOT SO U WILL NOT BE ELIGIBLE FOR ANY EXEMPTION UNDER SECTION 54
SINCE U OWN MORE THAN ONE HOUSE HENCE U WILL NOT BE ELIGIBLE FOR EXEMPTION UNDER SECTION 54F
U CAN CLAIM EXEMPTION UNDER SECTION 54EC IF U INVEST NOT MPORE THAN 50 LAKHS IN THE BONDS NOTIFIED THEREUNDER
CA MANOJ GUPTA
JODHPUR
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