Long term capital gains on selling the only one residential house

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.

asked Mar 12 '12 at 08:02 by Ramanarayanan 1123

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.

answered Mar 14 '12 at 00:18 by Pankaj Batra 5.2k320

Thank you very much Mr.Pankaj for giving clarity
(Mar 14 '12 at 06:37) Ramanarayanan

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Asked: Mar 12 '12 at 08:02

Seen: 1,364 times

Last updated: Mar 14 '12 at 06:37