Capital gain on sale of property
This query is : Open
02 April 2014
one of my client is having two residential property. one is self occupied and second is vacant. Now he sold out the vacant property and purchase a new property. My question is whether he can claim the exemption of section 54 against the capital gain, whereas he has already a self occupied property.
02 April 2014
he calim exemption u/s 54 for residential house
02 April 2014
if he has already a self occupied property.
02 April 2014
he can calim one more property u/s 54
02 April 2014
Dear Deepak,
He can Claim exemption U/S 54.
In Section 54 there is no such condition that he should on only one another residencial house.
This condition that Assessee should own only one another residential house is in sec 54F and not in section 54.
Regards,
Abhilash.
He can Claim exemption U/S 54.
In Section 54 there is no such condition that he should on only one another residencial house.
This condition that Assessee should own only one another residential house is in sec 54F and not in section 54.
Regards,
Abhilash.
03 April 2014
Dear Deepak in the given case exemption u/s 54 is available as there is no condition in sec 54 that the assessee should not own any other house as on date of transfer or date of purchase on new house.
08 April 2014
Yes he can claim the exemption
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