Section 54 and transfer and acquisition of residential plot.

Vijay (Querist) 27 August 2009 This query is : Resolved
There are exmptions cited under sec-54 for transfer and acquisition of residential house property. Deos this also apply to transfer and acquisition of residential plot?

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A V Vishal (Expert) 27 August 2009
No, the exemption relates only to house property and does not apply in case of sale of an open plot.

A. A. JOSE (Expert) 27 August 2009
I agree with Mr.Vishal

Bhumik Dave (Expert) 28 August 2009
Exemptions under sec. 54 is only for resident nt for plot.

Sugata Shankar Roy (Expert) 28 August 2009
Alternatively an individual or Hindu Undivided Family can claim exemption under section 54F only if the capital asset which is transferred is a lng term capital asset but other than a residential house property, for instance it may be a plot of land.

sathish (Expert) 08 September 2009
Section 54F can be claimed if such money is invested in another residential house only. (if some conditions specified in section is specified) or else the same can be deposited in NHAI/RECL bonds u/s 54EC also.riven

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