Indudhar (Tax Advocate) (427 Points)
29 November 2013Is an open site or an non agriculture (NA) land without any building be considered as residential house property for the purposes of availing exemptionof capital gains u/s 54?
please guide me friends..
thanks in anticipation..
rakshita
(Ca final student)
(84 Points)
Replied 29 November 2013
No, sec 54 requires sale of house property ie. some building for availing exemption of capital gain...
an open site or non agricultural land is not considered to be a house property.
Mihir
(Wealth Manager)
(5293 Points)
Replied 30 November 2013
A place where an individual can dwell is a residential house property.
CAclubindia
