01 December 2015
Please advise whether exemption available u/s 54F for LTCG of two consecutive years on purchase of one house? For eg., There is LTCG of Rs. 10 lacs in FY 2014-15 and exemption claimed for the same against purchase of residential house (Cost Rs. 45.00 lacs) on advance payment of Rs. 10.00 Lacs.In FY 2015-16, there is LTCG of Rs. 25.00 Lacs. Can we claim exemption u/s 54F against balance payment of same House property in FY 2015-16? Kindly support with case law, if any.
04 December 2015
For claiming of deduction under sec. 54F, every transfer of residential property needs to be followed by corresponding investment in another residential property.
You can refer the case law of " DCIT vs Ranjit Vithaldas"
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