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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- REGARDING GST LIABILITY/....
- Specified Profession
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG FOR GOLD ETFs
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
