01 February 2015
Dear sir One of my client is selling a landed property and purchasing a residential property. Kindly advise , in which section the exemption to be claimed.
In such case, exemption can be claimed u/s 54F of the Act. This covers the situation where the assessee sells any capital asset other than the residential property. For claiming full exemption you have to invest entire sell proceed otherwise you will get proportionate exemption only
Section 54 is applicable only where the assessee sold any residential property and purchases another residential property
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