Capital Gain Tax in case of Property Sale to to purchase Plot

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  1. Bhaskar Poddar

    Bhaskar Poddar New Member

    Dear Sir,

    I own a residential property since last 4 years in kolkata.
    Now I would like to sell it off to invest in some residential plot where I am planning to construct my own flat.
    Please let me know whether the capital gain tax can be exempted in this particular case.

  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Yes, as the previous property has been held by you for more than 3 years, therefore it is a long term capital gain and you can claim exemption under section 54
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