Tax on Sale of Open Plot

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  1. ishwar s yanni

    ishwar s yanni New Member

    dear sir,

    if the open plot is sold after it is holding for more than 36 months, whether the sale proceeds can be used for purchase of new open plot & claim exemption u/s 54 of the Income tax act.
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Purchase of Open Plot wont be considered as a residential house and therefore exemption cannot be claimed
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