LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Capital gain on sale of land

30 May 2016

a person has residential house in mumbai in joint ownership with wife the said person has another land with house on it in ahmedabad . now if person sale his ahmedabad property and buy another residential house whether he will be entitled to claim LTC exemption u/s 54 or 54F?

Reply
Follow
Share

5 Replies

subhash kumar jha (PROFESSION) (445 Points)
Replied 30 May 2016

YES he will be entitled to claim exemption under section 54/54F of Income tax act provided capital gain is long term.

subhash kumar jha (PROFESSION) (445 Points)
Replied 30 May 2016

if the house property which has been sold is residential then 5 otherwise 54F

anonymous (student) (750 Points)
Replied 30 May 2016

yes he is entitled to claim....

SHRAWAN KUMAR YADAV (CA FINAL-M.COM) (58 Points)
Replied 31 May 2016

yes long term capital gain then assesse may also opt for exemption under section 54EC which is better option instead of sec.54/54F .

harish sama (Article assistant) (81 Points)
Replied 31 May 2016

Is the property in Ahmedabad is a residential house property?. If it is so, the capital gain can be claimed as exemption u/s 54 or if the property is a commercial property the exemption will be u/s 54F.