Is LTCG on sale of plot invested in one underconstruction flat is tax exempt if another flat is also underconstruction in my name.

I sold a residential plot which was in my name. The net sale proceeds is proposed to be fully invested in an underconstruction flat of a builder booked in my name. Simultaneously there is another underconstruction flat booked in my name being finaced from loan and other sources. Is LTCG on sale of plot invested in one underconstruction flat is tax exempt if another flat is also underconstruction in my name.

asked Mar 28 '12 at 15:40 by MKS 1111


If case you owned (single/joint) more than one residential house property at the time of sale of residential plot, you would not be eligible for tax benefit u/s 54F.

Also, in next three years of plot sale, total number of residential house properties owned by you cannot be more than two for 54F applicability.

answered Mar 28 '12 at 16:23 by Pankaj Batra 5.2k320

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Asked: Mar 28 '12 at 15:40

Seen: 2,488 times

Last updated: Mar 28 '12 at 16:23