LIVE GST Audit Course by CA Sachin Jain. Register Now!!

Capital gain

amit porwal (student) (30 Points)

22 December 2015

i have two house. out of one house is sold and sell proceed recevied is invest in another house property. can i claim exemption of capital gain arise on sell of house u/s 54 if i already have one house property at the time of purchase new house ?

Reply
Follow
Share

1 Replies

CMA Poornima Madhava (CMA) (13097 Points)
Replied 22 December 2015

As I understand, exemption is available. Exemption u/s 54 is in respect of capital gain on sale of ONE residential property. That means even if you sell 2 different houses, you can still claim exemption on capital gain in respect of 1 house. I think it is not relevant whether or not the assessee owns any other residential house property, in this case.

1 Like