Capital gain on sale of property

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DEEPAK GOYAL (Querist)

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.

Rupesh Jain

Rupesh Jain (Expert)

02 April 2014 he calim exemption u/s 54 for residential house

DEEPAK GOYAL

DEEPAK GOYAL (Querist)

02 April 2014 if he has already a self occupied property.

Rupesh Jain

Rupesh Jain (Expert)

02 April 2014 he can calim one more property u/s 54

Gangavarapu Abhilash

Gangavarapu Abhilash (Expert)

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.

CA MAHAVIR PARSAD GUPTA

CA MAHAVIR PARSAD GUPTA (Expert)

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.

Gangavarapu Abhilash

Gangavarapu Abhilash (Expert)

08 April 2014 Yes he can claim the exemption

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