sridhar.vaidyanathan (article assistant) (36 Points)
23 June 2012In section 54, if ' a' capital asset is transferred we are entittled to get exemption if we purchase 'a' residential House. suppose a residential house is transferred for Rs. 1 Cr.and 3 residential house is purchased within time limit for Rs.25 lacs each . So,can we get exemtion u/s 54 of Rs. 75 lacs ?
Also if we sell two residential house for rs. 75 lacs each and purchase one residential house of rs. 100 lacs ;can we get exemtion u/s 54 of Rs. 100 lacs ?
Deepak Parsai
(Future CA)
(623 Points)
Replied 24 June 2012
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 24 June 2012
| Originally posted by : Deepak Parsai | ||
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There is no restriction in sec 54 to purchase/sale number of house. You can sale 1 and buy more than 1 and vica versa. Even new house needs not to register on own name. |
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refer the link :
RAVI KUMAR GUPTA
(STUDENT)
(46 Points)
Replied 24 June 2012
sridhar.vaidyanathan
(article assistant)
(36 Points)
Replied 24 June 2012
In section 54 Capital Asset is defined as being "a residential house" . "a" means "any" of the residential house purchased and not "many" of the residential house purchased. so if we buy three residential house of rs. 24 , 25, 30 lacs we would get highest deduction i.e. Rs.30 lacs . So will i be getting total value of three house purchased as exemption u/s 54?
Deepak Parsai
(Future CA)
(623 Points)
Replied 24 June 2012
CAclubindia
