what is te LTCG on sale of plot?

ank_gl 1
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hi, i am selling a residential plot (brought 10 yrs ago) and buying another residential plot for which possesion would be given to me in 1 year. my question is:

  1. how can i avail the capital gain exemption?

  2. what if i buy 2 residential plots? can i claim exemption on both? as of now i only hold 2 properties (1 is being sold, 2nd is commercial)

section-54f residential-plot capital-gains income-tax
1 Answers

There is no income tax exemption on buying a plot or commercial property.

As per section 54F, if a residential house property is purchased or a house is constructed, then income tax can be save on long term gain.

Moreover, exemption is only available against one new residential house property and not on more than one purchase.

Pankaj Batra5212
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