14 February 2008
Dear sir, One of my friend has three house property in his name ,he is selling two house property and will have capital gains on it . My query is that whether two house property will qualify for exemption U/S 54, if he re invest the amount of capital gain in aquiring new residential house property
14 February 2008
If the whole of the consideration is paid & possession of the house is obtained, the exemption contempleted u/s 54 is attracted. Construction of the house should be completed within 3 yrs from the date of transfer. The House Property so purchased/constructed has not been transferred within a period of 3 yrs from the date of purchase/construction.
CAclubindia
