My one is selling his vacant land. It is in the name of husband and wife. I want to know whether section 54 or 54F will be applicable. And what precaution should be taken in order to save tax.
ejaz naiyer (C.A. FINAL) (293 Points)
05 July 2011My one is selling his vacant land. It is in the name of husband and wife. I want to know whether section 54 or 54F will be applicable. And what precaution should be taken in order to save tax.
Amit
(Accountant)
(261 Points)
Replied 05 July 2011
Only section 54F will be applicable. Tax exemption only if a house is purchased Checkout the conditions u/s 54F .
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