Dear Sir
we are sold a Vacant Land (Non Agrl. Land) it araising LTCG RS. 5,00,000/- we think purchase another vacant land (Agricultural or Non- Agricultural) to get tax exempt is this possible or not please clarify with section how to gent tax exemption.
thanking you
There is no deduction for Purchase of Vacant Land on LTCG arising from not only vacant land but any other assets. There is deduction for purchase of Residential Property which includes cost of land purchased for the construction of the property under sec 54 of I T Act. Also Deduction for Purchase of Rural Electrification bonds of NHAI is available U/s 54EC.
Yes it is agreed with Vishal
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