CAPITAL GAIN ON SALE OF RESIDENTIAL HOUSE PROPERTY
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2010
A person owns 2 house property - 'A' & 'B'.
He sells property 'A' for a total consideration of Rs. 10,00,000/-.
The asset was purchased in 1997 for Rs.2,50,000/-.
Will he qualify for deduction u/s. 54F of the Income Tax Act,1961?
Please Help!
Thank You in advance!
Vaibhav
He sells property 'A' for a total consideration of Rs. 10,00,000/-.
The asset was purchased in 1997 for Rs.2,50,000/-.
Will he qualify for deduction u/s. 54F of the Income Tax Act,1961?
Please Help!
Thank You in advance!
Vaibhav
Aditya Maheshwari
(Expert)
12 July 2010
U can claim exemption in both section 54 & 54F.
Condition for Section 54F is that u should not have more than 2 house property at the time of sale including the property being sold.
Condition for Section 54F is that u should not have more than 2 house property at the time of sale including the property being sold.
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