Dear All,
I require a small clarrification regarding Capital gain section 54 series. Can Assessee be a owner for more than one house property at the time of tranfer of capital Asset.
Please let me know respective provisions for which it deals with.
Roopesh Gangisetty (Article trainee) (176 Points)
11 September 2014Dear All,
I require a small clarrification regarding Capital gain section 54 series. Can Assessee be a owner for more than one house property at the time of tranfer of capital Asset.
Please let me know respective provisions for which it deals with.
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13542 Points)
Replied 12 September 2014
In section 54 there is no condition unlike section 54F that the assessee should not be an owner of more than one residential house property at the time of transfer of original asset.
Roopesh Gangisetty
(Article trainee)
(176 Points)
Replied 12 September 2014
Thank you for your response,
Is amendment in Sec 54 (Finance Bill) additionally impose any condition, stating Assessee shall have to own only one house property
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13542 Points)
Replied 14 September 2014
The amendment w.e.f. AY 2015-16 is to the effect that the assessee will get exemption in respect of only one residential house.
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