11 April 2015
for claiming exemption under sec 54 of income tax act for gain arising on transfer of capital assets being residential property,is it compulsory that assessee should own only one residential property before or on the date of transfer???
and if assessee owns more than one residential property before or on the date of transfer of such residential property, can assessee claim exemption under section 54 if assessee transfers any of property out of two property owned by him???
11 April 2015
For claiming exemption u/s 54 no such restriction. It is only u/s 54F such restriction is there. The assessee can choose any property out of two property.
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