HELLO FRIENDS,
MU CLIENT HAS SOLD A PLOT AND EARNS A LONG TERM CAPITAL GAIN
CAN HE CLAIM EXEMPTION U/S 54F OR NOT.
SEC 54F STATES THAT ANY LONG TERM ASSET EXCEPT RESIDENTIAL HOUSE.
PLOT IS NOT A RESIDENTIAL HOUSE.
PLS. REPLY ME.
THANKS.
RAJ KUMAR (FINANCE MANAGER) (1393 Points)
29 July 2013HELLO FRIENDS,
MU CLIENT HAS SOLD A PLOT AND EARNS A LONG TERM CAPITAL GAIN
CAN HE CLAIM EXEMPTION U/S 54F OR NOT.
SEC 54F STATES THAT ANY LONG TERM ASSET EXCEPT RESIDENTIAL HOUSE.
PLOT IS NOT A RESIDENTIAL HOUSE.
PLS. REPLY ME.
THANKS.
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 29 July 2013
Sec54 is incase of residential house property and sec54F is in incase of other than resisential property
since plot of land is not a residential property,u can claim exemption under sec 54f up to the proportion of sale consideration received from the proceeds of the sale
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
