Arpit Agarwal (CA Practice ) (21 Points)
25 March 2017|
1. Amount on renovation of new house with cost of new house is also allowed u/s 54 ? |
|
2. If i have already two house out of which i sold one house and purchase new house then in this case can i claim exemption of sec 54. |
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 25 March 2017
Yes, to make it habitable.
Yes.
Prity Agarwal
(CHARTERED ACCOUNTANT)
(363 Points)
Replied 25 March 2017
1.If the expenses on renovation has been capitalised then only the same shall be allowed along with the cost of the house u/s 54.
2. Exemption u/s 54 can be claimed only if the assessee puchases another house property before one year of sale of house property or within 2 years of the sale of the house property. Thus, we have to check the date of purchase of new house property.
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