Capital gains tax

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  1. Simran singh 70

    Simran singh 70 New Member

    Sir/Madam,
    I have sold my old house. If buy bonds than can I buy more than one property
     
  2. ZED

    ZED Well-Known Member

    Your Query is not clear. Kindly explain it in detail

    Are you asking that whether you can claim exemption u/s 54 while contemporaneously claiming exemption u/s 54EC?
     
  3. Simran singh 70

    Simran singh 70 New Member

    Yes Sir
     
  4. ZED

    ZED Well-Known Member

    Yes, you certainly can.
     
  5. Simran singh 70

    Simran singh 70 New Member

    Sir, I have sold my lone house for two crores and I want to buy two properties.
    If I buy capital gains bonds and by rest of amount I purchase two properties.
    Can it be done?
     
  6. ZED

    ZED Well-Known Member

    Exemption shall be available only in respect of one house property only.
    You can either claim exemption u/s 54 for one house AND claim exemption u/s 54EC for remaining amount
    Note only cap gain need to be invested.
    You can buy another property if you want, but exemption shall not be available for that.
     
  7. Simran singh 70

    Simran singh 70 New Member

    Sir if I buy one house property and it's a farm house. The saledeed shall be hectares and not in meters/feet shall I be able to get exemption
     
  8. ZED

    ZED Well-Known Member

    Will the farm house in the question can be said to be as a residential house, the income of which is chargeable under the head "Income from house property" ?

    What would be the purpose of the said farm house? Whether it would be for commercial/business purposes or solely for residential purposes.
    Considering the amount of sale. I don't think it's solely for residential purpose.

    Will its registry be as a residential property or as a commercial property?

    Income from farm house is generally either under the head business or profession ,or under the head income from other sources.
     
  9. Simran singh 70

    Simran singh 70 New Member

    Sir I shall live in it and start a dairy farm in it
     
  10. ZED

    ZED Well-Known Member

    If its going to be as residential then exemption may be claimed. But you will have a dairy farm on it aswell, the income therefrom would not be chargeable under the head income from house property.
    I do not think that full exemption can be availed in this case.
     
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