Urgent long term capital gain query

I have sold a 1000 sq. yards land and have a long term  capital gains on that. Now my query is that

1. If I purchase another 1000sq. yards "LAND" only, will I get exemption from Income Tax on such Capital Gains u/s 54F?

 

2. or should I purchase a "HOUSE" only to get such an exemption ?

Replies (8)

AS PER SEC54F A RESIDENTIAL HOUSE CAN BE PURCHASED OR CONSTURCTED SO  YOU HAVE TO PURCHASE ONLY HOUSE FOR CLAIMING DEDUCTION

But can i purchase a 1000sq. feet land on which only two rooms in the area of 50sq. feet are constructed?

and the registery of that land will br done as a "HOUSE".

in such a case is there exemption available? because it will be considered as a inseparable land & building cost?

what is the meaning of Constructed here?

can i use such a sale consideration in construction of my old house? is there any exemption available in such a case?

If the land Is Registered as HOUSE than exemption can be available & construction means construction of new house only within three yers

 

so in this case i will be getting the exemption on the full value of sale consideration.

yes

 

thanks for replies............

its ok

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
08 September 2026
Semi-Qualified Assitant

Subrahmanyam & Sivudu CA Firm

Hyderabad

CA Inter

View Details
Company
Featured 19 August 2026
Chartered Accountant

apricus india

Pune

CA

View Details
Company
11 August 2026
Manager / Senior Manager - Statutory Audit

CommerceCareer

New Delhi

CA

View Details
Company
21 August 2026
Accountant

A G International

Kolkata

B.Com

View Details
Company
11 August 2026
COMPLIANCE EXECUTIVE

YMW COMPLIANCE SERVICES LLP

Others

CA Final

View Details
Company
ARTICLESHIP 24 August 2026
Article Assistant

M/s.S.G.Salecha & Co.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 17 August 2026
CA Article Trainee

ASC Group

Noida

CA Inter

View Details