Capital gain

This query is : Resolved

Jayesh Bakhai (Querist)
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11 July 2014 I am owing three residential property. I am selling one residential property and sell proceeds is use to purchase another residential property. could i get exemption u/s 54 on long term capital gain please help

CA Vivekanand Pote

CA Vivekanand Pote (Expert)
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11 July 2014 No. There should be only one residential house then only the exemption can be taken undr sec 54.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 July 2014 on the date of buying u cannot have more then 1 house if u want to claim exemption u/s 54.

Rupesh Jain

Rupesh Jain (Expert)
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11 July 2014 if you have more than one property then you cannot claim u/ s 54.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 July 2014 I differ with the above views. Exemption under section 54 can be availed even if the taxpayer owns more than one house on the date of transfer. As per the amendment proposed to Section 54 in the Finance Bill 2014, restriction is imposed with effect from 1-4-2015 on construction of one house for availing capital gain.