In this paper we study Lie symmetries, Kac-Moody-Virasoro algebras, similarity reductions and particular solutions of two different recently introduced (2+1)-dimensional nonlinear evolution equations, namely (i) (2+1)-dimensional breaking soliton equation and (ii) (2+1)-dimensional nonlinear Schrüdinger type equation introduced by Zakharov and studied later by Strachan. Interestingly our studies show that not all integrable higher dimensional systems admit Kac-Moody-Virasoro type sub-algebras. Particularly the two integrable systems mentioned above do not admit Virasoro type subalgebras, eventhough the other integrable higher dimensional systems do admit such algebras which we have also reviewed in the Appendix. Further, we bring out physically interesting solutions for special choices of the symmetry parameters in both the systems.