Capital gain exemption under section 54F
This query is : Resolved
08 October 2025
HII!!!
assesse has capital gain of RS. 5.5 CR in mutual fund, sale consideration of RS. 18CR .
1. assessee has purchase house property of 11CR, by taking loan of RS. 8CR
2. assess has one residential property where she is residing.
assess has another residential property which is use by the partnership firm where assessee is the partner.
no other property other than above own by assessee.
can assess claim exemption under section 54F???
assesse has capital gain of RS. 5.5 CR in mutual fund, sale consideration of RS. 18CR .
1. assessee has purchase house property of 11CR, by taking loan of RS. 8CR
2. assess has one residential property where she is residing.
assess has another residential property which is use by the partnership firm where assessee is the partner.
no other property other than above own by assessee.
can assess claim exemption under section 54F???
08 October 2025
Whether the property used by Partnership firm is in her name?
08 October 2025
yes, it is in the name of assessee
08 October 2025
In that case the condition of sec. 54F is not satisfied... (On the date of sale, the taxpayer should not own more than one residential house property apart from the new one being acquired.)
As such she is not eligible for the exemption u/s. 54F......
As such she is not eligible for the exemption u/s. 54F......
09 October 2025
what if that residential property use for commercial purpose ?
09 October 2025
No exemption for that, it retains the status of HP in the act.
09 October 2025
thank you so much for the clarity
09 October 2025
You are welcome.
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