Hello guys..
My aunt is purchasing a new residential property/Land out of capital gains arising from sale of ancestral property. However she already has one residential property in her name which was bought through a loan and past savings.
She has not filed IT returns til date since she is below taxable limit as she is claiming Int. Paid on loan and principal amt u/s 80c of old property in her Form 16. I knw only one residential property exemption is allowed u/s 54 but is der any other way where in this new ancestral property gain can be invested in another property and claim exemption?
While filing returns this year old property's interest and principal wil be shwn in IT return as well as capital gain from ancestral property sold wil be shown. Can't this gain be invested in another property and claim exemption??
Thanks in advance
CAclubindia
