ramnath ganesh subramaniam (CEO) (53 Points)
23 January 2015Dear sir,
One of my client is selling a land , which he had purchased during 1950s. The gudie line value in 81-82 is only 20 k. Now he is selling the same for 2 cr. Can he invest in a residential property , so that he will get a tax exemption. He does not have a house property in his name. But he is having another 2 plots of lands .
Please advise
Raphael
(Chartered Accountant)
(214 Points)
Replied 23 January 2015
Yes, he can. As he dosen't have a residential property and as the capital asset sold is not a residential property, he can claim benefit u/s 54F
Nitin
(Awaiting Membership Number)
(24 Points)
Replied 23 January 2015
Yes! He will be entitled to exemption.
Ram M. Dixit
(CA Final (Author))
(376 Points)
Replied 24 January 2015
yes, he can availtax exemption u/s 54F.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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