Capital Gain (Sec. 54)

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LOKESH BINANI (Querist)
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01 September 2010 Is there any such provision that the assessee transferring the property will get either the indexation benefit or will get the exemption u/s 54...

can 54 be claimed against the new flat which is purchased through bank finance. If yes what will be the amount of exemption in it.

Can we take exemption of Sec 54 by disposing off 1 property and purchasing 2 properties with the amount of capital gain from the sold property.

Thanks in anticipation.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 September 2010 1. Indexation benefit can be availed.
2. Yes ,based on a Tribunal decision which I will cite later.
3.It is for the assessee to choose any one, among the two ,for exemption.
Citation :- K.C.Kaushik V ITO (1990) 84 CTR (Bom) 62.

LOKESH BINANI

LOKESH BINANI (Querist)
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01 September 2010 Thanks for ur reply Mr. Warrier.

1. So i can take both indexation and exemption.

2.

3. Can i take the exemption on both the new purchased property against the one sold.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 September 2010 1.yes
2.Refered citation is Prema.P.Shah Vs. ITO (2006) 282 ITR (AT) 211 (Mumbai).
3. May I repeat that you cannot take exemption for both the new houses. Only one house is exempted.

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