Can Residential Plot be considered as House for Exemption

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  1. Dear Sir
    I purchased one residential flat 15 years back at 10 lac cost now after indexation cost is 30 lacs.Therefore if I sell it at 50 lacs. So capital gain tax will be on amount 20 lacs. So are we entitled to use 30 lacs for any personal purpose or can be utilised in buying second flat other than 20 lacs invested in first residential property.
    2.Is residential plot is never considered a residential property untill ot is built & rented out also
    Regards
     
  2. rudrabose

    rudrabose Active Member

    1. You can use the 30 Lakhs for any personal purpose as only Rs. 20 Lakhs are required to be reinvested in another residential property to claim capital gains exemption under Section 54
    2. No, a residential plot is not considered as a residential house proeprty
     
  3. Thanks
     
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