Capital gain
This query is : Resolved
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
11 July 2014
No. There should be only one residential house then only the exemption can be taken undr sec 54.
11 July 2014
on the date of buying u cannot have more then 1 house if u want to claim exemption u/s 54.
11 July 2014
if you have more than one property then you cannot claim u/ s 54.
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.
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