Capital gain exemption 54 on sell of 2 house
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2012
Dear Sir/Madam,
I require your guidance in following matter:
Is capital gain exemption u/s 54 available if two houses is sold in 2 different consecutive years and purchase 1 house for getting exemption under section 54 for both houses...
Thanks in advance..
I require your guidance in following matter:
Is capital gain exemption u/s 54 available if two houses is sold in 2 different consecutive years and purchase 1 house for getting exemption under section 54 for both houses...
Thanks in advance..
29 March 2012
Let us take an example.
You sell house 1 in FY 10-11 and deposit the capital gain in a Capital Gain Account Scheme before the due date of filing the return. You are allowed exemption u/s 54
Then you sell house 2 in FY 11-12 and invest the total capital gain (house 1+house 2) in a new residential house property.
You are allowed exemption u/s 54 for the current year.
Exemption allowed in the Previous year remains intact.
You sell house 1 in FY 10-11 and deposit the capital gain in a Capital Gain Account Scheme before the due date of filing the return. You are allowed exemption u/s 54
Then you sell house 2 in FY 11-12 and invest the total capital gain (house 1+house 2) in a new residential house property.
You are allowed exemption u/s 54 for the current year.
Exemption allowed in the Previous year remains intact.
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2012
Thanks a lot Sir....
Now it is clear we can take the benefit of exemption for both houses by buying one housing property....
If possible could u pls provide any case law related to this.....
Now it is clear we can take the benefit of exemption for both houses by buying one housing property....
If possible could u pls provide any case law related to this.....
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