Sir/MAdam,
I have 10 years old Residential plot and now i am planning to sell out in 30 Lakhs and want to buy again residential plot in 35 Lakhs at another location. But i am confused in how to save/exempt Long term capital gain tax(LTCG) in my case.
I know two section through which we can save LTCG but my case is different :
1. Section 54 = Sell out only Residential House/Flat but have to Buy only Residential Residential House/Flat.
2. Section 54F = Sell out Residential House or Plot but have to Buy only Residential Residential House/Flat.
But in my case, Selling housing property is Residential Plot and Buying housing property is also Residential Plot then which Section will be applicable in this scenerio ? Plz suggest
CAclubindia
