Can deduction u/s 54 n 54f be taken simultaneously
This query is : Resolved
ca anshul garg
(Querist)
07 July 2012
My client sold house property in F/Y-2009-10 in Rs-10 lakhs and reinvested same amount in house property Rs-50 lakhs benefit of section 54 has taken and in next year other land is sold for sales consideration Rs-50 lakhs assesse want to take benefit U/S 54F of from last year's excess investment Rs-40Lakhs.
Please provide solutions with relevant case law and supporting.
Please provide solutions with relevant case law and supporting.
CA PARAS BAFNA
(Expert)
08 July 2012
To my view, he can claim deduction under Section 54 as well as 54F in respect of a single New Residential House.
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U/s 54F he would be eligible to get exemption of 80% of his capital gains arisen from transfer of land.
.
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U/s 54F he would be eligible to get exemption of 80% of his capital gains arisen from transfer of land.
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