Sell of residential land

Hi Pankaj,

I am confused with your reply to Srihari for "Questions on Capital Gain tax" and what you have mentioned in the article:

Following is what you had suggested Srihari:

"One more interesting point here is taxation of gains on plot sale after you sell a residential flat. Once you sell one of your flat, your owned residential property count becomes one and you are eligible to save tax u/s 54F for gains from plot sale."

But in your article you mentioned that exemption is not there - If the assessee owns more than one residential house, other than the new asset, on the date of transfer of the original asset.So even if he sells the flat later, he still owned the flat when he sold the land, so how would he get the exemption.

I am referring to the following link and the following text in that link. http://www.pankajbatra.com/india/how-to-save-capital-gains-tax-ltcg-when-selling-land-plot/#ixzz1j52Avf69

"However, the capital gains exemption enumerated in (a) & (b) above is subject to the some conditions. The benefits as discussed shall not be available if:

If the assessee owns more than one residential house, other than the new asset, on the date of transfer of the original asset."

asked Jan 12 '12 at 23:29 by Amitks 11

It was by mistake. You can already see last comment in that question.
(Jan 13 '12 at 10:30) pankaj

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Asked: Jan 12 '12 at 23:29

Seen: 583 times

Last updated: Jan 13 '12 at 10:30