Capital gains on sale of property
Focus (CA-Final Student) (272 Points)
29 March 2015
can capital gains on sale of two house properties be set off against purchase of one bigger property?
Samrendra
(Asst. Manager- Internal audit)
(221 Points)
Replied 29 March 2015
Dear Focus,
Section 54 of Income Tax Act is silent about mapping of residential house purchased with residential house sold, therefore we can say that one big house can be claimed as deduction against sale of 2 residential houses provided conditions specified in section 54 is complied i.e.
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