Section 54

This query is : Resolved 
 


Querist : Anonymous (Querist) 21 April 2017

ASSEESEE SALE PLOT (LONG TERM) AND WANT TO BUY A RESIDENTIAL HOUSE. ASSEESEE HAVING ALREADY A RESIDENTIAL HOUSE AND WANT TO BUY ANOTHER RESIDENTIAL HOUSE.

WHETHER ASSEESEE CAN CLAIM EXEMPTION UNDER SECTION 54 OR NOT ????????




CS Abhishek Goyal (Expert)
21 April 2017

Exemption u/s 54 is not available in respect of sale of plot it is available only in respect of sale of a residential house property upon purchase/construction of a new residential house property. But exemption u/s 54F can be availed in your case by investing entire sale consideration from sale of plot to construction of residential house property subject to other conditions of section 54F.



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