banner_ad

Capital gain

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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
Profile Image

CA Vivekanand Pote

Profile Image

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

CS,CA F,Numrologi TusharSampat

Profile Image

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

Rupesh Jain

Profile Image

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

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details