Benefit of sec 54 in case of sale of multiple houses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 October 2017
A owns a house in Mumbai. He also owns another house jointly with his wife in New Mumbai. He sold both the houses in July 2017. Sale proceeds are 1.25 crore on first house and Rs 1.5 crore on second house. He has computed LTCG on first house as 50 lakhs and on second house as 60 lakhs, his share being half at 30 lakhs and his wife share also as 30 lakhs.
He buys a house in Delhi NCR in Aug 2017 for Rs 1 crore in joint name with his wife. He also buys another house in Sep 2017 for Rs 1.25 crore, also in joint name with his wife.
Can he claim benefit of Rs 50 lakhs (LTCG on his first house at Mumbai) against purchase of first house in Delhi NCR and of Rs 30 lakhs (his share of LTCG in second house) against purchase of second house ? Is there any restriction that he must not own another house on date of purchase of a residential property to avail benefit of section 54?
He buys a house in Delhi NCR in Aug 2017 for Rs 1 crore in joint name with his wife. He also buys another house in Sep 2017 for Rs 1.25 crore, also in joint name with his wife.
Can he claim benefit of Rs 50 lakhs (LTCG on his first house at Mumbai) against purchase of first house in Delhi NCR and of Rs 30 lakhs (his share of LTCG in second house) against purchase of second house ? Is there any restriction that he must not own another house on date of purchase of a residential property to avail benefit of section 54?
21 October 2017
yes, you can do that
21 October 2017
There are no restrictions in claiming such exemptions
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- Specified Profession
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- SALE BILL AGAINST GOODS RETURN
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
