One of the important condition for availing exemption under Section 54F is that the taxpayer should not own more than one residential house other than the new property, at the time of the sale of the original asset.
What is the definition of residential house in the above condition? Does a residential plot (vacant land) is considered as residential house? For example, at the time of the sale of the original asset, if a person owns one residential house (residential flat) and a residential plot (vacant land with no plans of constructing the house or leasing the land in next 5+ years) and wants to invest long term capital gains in buying another residential house, will they be eligible for availing exemption under Section 54F? Please guide
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