Capital gain exemption u/s 54
This query is : Resolved
22 June 2015
My query is related to exemption u/s 54
one of my client sales her house property on 12/11/14 for sale consideration RS 502380.00
and purchased one house for RS 3900000.00
On 1/01/14 and again she sale her second house for RS 2887500.00 on 15/06/15 In this case second sale effected in different f.y. my query is can i claim exemption u/s 54 in respect of both sale consideration invested in one house but sale effected in different f.y
or shall i pay in this case capital gain tax in first sale and claim exemption in respect of second sale which is beneficial for client
please guide me in this case
one of my client sales her house property on 12/11/14 for sale consideration RS 502380.00
and purchased one house for RS 3900000.00
On 1/01/14 and again she sale her second house for RS 2887500.00 on 15/06/15 In this case second sale effected in different f.y. my query is can i claim exemption u/s 54 in respect of both sale consideration invested in one house but sale effected in different f.y
or shall i pay in this case capital gain tax in first sale and claim exemption in respect of second sale which is beneficial for client
please guide me in this case
CA R SEETHARAMAN
(Expert)
22 June 2015
Only capital gain exemption available for first sale i.e. for purchase within one year of sale.
Rupesh Jain
(Expert)
22 June 2015
you can take exemption for one house..........
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