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Can I claim capital gains exemption on buying the 4th flat?- Property Hotline
Posted
December 15, 2016
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116
December 15, 2016
116
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3:33Now PlayingExpert: Vinay Singh, Legal and Tax Expert.
Question: I'm having 3 residential properties and one industrial plot (bought in 2003) in Chennai. I'd like to sell the industrial property and buy the 4th residential property. Am I eligible for capital gains tax?
Answer: You are not eligible for the exemption of capital gains tax. Under section 54f you cannot hold more than one flat if you wish to claim the benefit of selling the flat and buying the house. The only possible thing you can do is investing in the bonds upto Rs 50 lakh.
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