Naveen Jain (Article Trainee) (134 Points)
20 February 2014I inherited a plot of land after the death of my husband in 2007(husband acquired it in 2005)..Now i have sold the plot of land and purchased another plot of land..(it is in area where neighbours have houses but mine is just vacant land)..
I want to know that can i claim exemption u.sec 54F or not?? And which year will be used to calculate indexation??
Mihir
(Wealth Manager)
(5293 Points)
Replied 20 February 2014
Yes, you may claim exemption u/s 54F, and the indexation for the cost of acquisition shall be the year when the previous owner acquired it (2005).
Naveen Jain
(Article Trainee)
(134 Points)
Replied 20 February 2014
i dont think i can becuz u have to buy a residential property not a plot
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 21 February 2014
Section 54F :
If any long term property is sold then assessee can claim exemption u/s 54F, if he invest in RESIDENTIAL house property within 2 year if he purchase and 3 years if he constructs...
You cannot claim exemption under Sec 54F, because you invested in plot...
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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