Capital Gain Exemption on purchase of Residential Land

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  1. sujatha

    sujatha New Member

    IF A person sells an residential land and buys another residential land can he avoid capital gains tax.
     
  2. king999maker

    king999maker Active Member

    yes , but upto the extent of capital gains reinvested
     
  3. rudrabose

    rudrabose Active Member

    Exemption is only allowed if the asset purchased is a Residential House.

    Exemption wont be allowed if the asset purchase is a Residential Land
     
  4. king999maker

    king999maker Active Member

    oh, i did not saw the word land but under section 54f net sale consideration have to be invested in a residential house in orderto claim exemption
     
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