Capital gain
This query is : Resolved
CA Shrey Tripathi
(Querist)
01 December 2015
Please advise whether exemption available u/s 54F for LTCG of two consecutive years on purchase of one house?
For eg., There is LTCG of Rs. 10 lacs in FY 2014-15 and exemption claimed for the same against purchase of residential house (Cost Rs. 45.00 lacs) on advance payment of Rs. 10.00 Lacs.In FY 2015-16, there is LTCG of Rs. 25.00 Lacs. Can we claim exemption u/s 54F against balance payment of same House property in FY 2015-16?
Kindly support with case law, if any.
Thanks in Advance
For eg., There is LTCG of Rs. 10 lacs in FY 2014-15 and exemption claimed for the same against purchase of residential house (Cost Rs. 45.00 lacs) on advance payment of Rs. 10.00 Lacs.In FY 2015-16, there is LTCG of Rs. 25.00 Lacs. Can we claim exemption u/s 54F against balance payment of same House property in FY 2015-16?
Kindly support with case law, if any.
Thanks in Advance
CA CS LAVESH VASYANI
(Expert)
04 December 2015
For claiming of deduction under sec. 54F, every transfer of residential property needs to be followed by corresponding investment in another residential property.
You can refer the case law of
" DCIT vs Ranjit Vithaldas"
You can refer the case law of
" DCIT vs Ranjit Vithaldas"
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
- Oct 2025 Invoices
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
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
