Presently I am having only one home for my residential purpose. I am 58 yrs old and would like to settle down in a calm hill station for a calm and serene life for soul searching. I have found a gated community at Yercaud hills. The tittle of the property mentions as farm house. My question is : If I buy this farm house for my sole single residential purpose after selling the present only living home, can this new purchase be treated for capital gains calculations? Thanks in advance.
1 Answers
You should be able to get tax benefit for new property purchase under section 54.
Farm house is also a residential house property and its purchase should be beneficial.
Thank you very much Mr.Pankaj for giving clarity
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