22 February 2017
Hi, I have got two house, one in chennai and another in Bombay. I proposed to sell the chennai house and invest the capital gain amount in purchasing another new house property. I also decided to sell the Bombay house property and buy a new house property in Bombay for capital gain in respect of the same. Please advice with relevant section whether two new house property can be purchased for two separate sale to avoid capital gain tax?
22 February 2017
For claiming Capital Gain Exemption, Only One house property has to be purchased for sale of one house property. For the other sale, another property purchase to be claimed. Place of property does not matter.
23 February 2017
Mr.X proposed to sell one land and one residential house property and going to purchase one new residential house property for the capital gain exemption. Under which section he is eligible to claim capital gain exemption? Is it Section 54 or 54F? State the provision also.
CAclubindia
