Section 54F Exemption if I already own a Residential House

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  1. Dear Sir
    I purchase a plot unconstructed &already have five residential flats now after 5 years I sell this unconstructed plot now if this fall under section then I can buy another residential flat.If it fall under section54f.then I have to give tax on all the capital gain. So unconstructed plot fall under which section & is it called non residential property till it is constructed.
  2. Parul_Gupta

    Parul_Gupta Active Member

    A plot would not be considered as a Residential House Property. Section 54F would be applicable in this case.

    And as per Section 54F, exemption can be claimed only if the assessee does not own more than 1 house property apart from the one which he intends to purchase.

    In your case, as you already own 5 house properties, therefore you cannot claim exemption under section 54F
  3. Thanks
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