Capital Gain Deduction

This query is : Resolved

Girish Sharma (Querist)
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25 December 2010 One of our assessee has purchased a residential plot and their after sold his vacant land and residential plot in within one year from the date of purchase of residential house. Is he entitled for deduction under section 54 as well as Section 54F .

Whether he can avail deduction for capital gain on sale of land in section 54F and capital gain on sale of residential plot under section 54 from one house purchased by him.
Please give your suggestion with suitable arguments and case laws if any.

CA. R. B. SAH

CA. R. B. SAH (Expert)
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25 December 2010 first paragraph is not clear. please clear.

yes, exemption u/s54F can be claimed on sale of land and exemption u/s 54 can be claimed on sale of residential house.

Girish Sharma

Girish Sharma (Querist)
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25 December 2010 My query is that my client has purchased a house and within a year of purchase sold another house and a vacant land .

Now my query is can he claim exemption U/S 54 & 54F i.e. exemption under both sections for a single house for the capital gain occured on sale of house and vacant land

CA. R. B. SAH

CA. R. B. SAH (Expert)
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26 December 2010 yes can claim.

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