capital gain U/s 54 on residential house property

This query is : Resolved

Yogesh kumar (Querist)
Follow

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

Garima

Garima (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok