CAPITAL GAIN OF SALE OF RESIDENTIAL UNIT

This query is : Resolved

BISWA RANJAN JATI (Querist)
Follow

19 November 2022 HI there,
If a person holds two separate residential units at one place converts into one unit (e.g.200 & 201) and at another place one more unit (e.g. 50) and subsequently sold the unit no.50 and invested the amount to purchase one residential plot from the proceeds, please confirm the amount of capital gain u/s.54 will be exempt or not.

Following conditions should be satisfied to claim the benefit of section 54.

The benefit of section 54 is available only to an individual or HUF.

The asset transferred should be a long-term capital asset, being a residential house
property.
Within a period of one year before or two years after the date of transfer of old
house, the taxpayer should acquire another residential house or should construct a
residential house within a period of three years from the date of transfer of the old
house.

Tax payer should not own more than on residential house on the date of transfer.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

19 November 2022 For exemption u/s. 54 of IT act, there is no such condition, so the exemption will be available provided you construct a house property within 3 years (from the sale of your residential house =50) over the plot purchased.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

HITESH NIRANJAN SAHU

REGIWISE CONSULTANTS PVT LTD

R M Shekhaliya

CA Aakarsh Jain

SUMAN SAHA

Subscribe Now

CAPITAL GAIN OF SALE OF RESIDENTIAL UNIT

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA