regarding long term capital gain on sales of residential property

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  1. respected sir\madam

    I am having 3 residential property out of which I want to sell the property in which presently we are residing.

    my questions is whether I am able to get long term capital gain on that property
  2. rudrabose

    rudrabose Active Member

    Yes, Long Term Capital Gains arising from the sale of this Residential Property would certainly attract Capital Gains Tax.

    However, there are certain ways to claim exemption from payment of Capital Gains Tax as well...
  3. sir as per law some one has told me if I have 3 properties I am not able to get long term capital gain as all are residential properties and I have shown all properties in my wealth tax returns, but which I am selling, I have shown as residing at present in this property in wealth tax return.
  4. rudrabose

    rudrabose Active Member

    As per my knowledge, you are claiming exemption by selling a Residential House. In such a case, Section 54 would be applicable and there is no such condition of no. of houses owned for claiming exemption under Section 54.

    However, in case you would have sold a Non-Residential Property, Section 54F would have been applicable and in that case you wouldn't have been able to claim deduction as you already own 3 properties.
  5. urvashimehra

    urvashimehra New Member

    THe private limited company purchased a residential flat , for director /company client in 1993.
    Sold in Financial year 2013-14 .
    Is long term capital gain benefit available ?
  6. rudrabose

    rudrabose Active Member


    Capital Gains Exemption is only available to Individual/HUF and not to companies.
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