54f exemption

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 February 2016 Dear Expert,

Assesses has sold shop being long term asset on Dt 07.12 2015 . He had purchase one resi. house property on Dt 10.10.2015 to claim exemption of 54F. said assesses also own Resi. house property since 1971. Please advise can he get sec 54F benefit. ?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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06 February 2016 Budget 2014 has introduced an amendment to Section 54 and from Financial Year 2014-15 i.e. Assessment Year 2015-16, exemption under Section 54 is available if the amount is re-invested in ONE Residential House situated in India.

Querist : Anonymous

Querist : Anonymous (Querist)

09 February 2016 as on date of transfer of original asset, asesse own one resi. house and he purchase one other house by selling Long term capital asset . will he claim exemption under sec 54 F