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Capital gain tax on sale of residential house

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 March 2012 Dear Expert,

I have sold Residential House at Lonavala but I am not residing there on usual basis.

I have sold above property, can I avail exemption u/s 54 i.e. to invest in another residential house property.

Regards,

Monik Dedhia.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
12 March 2012 Yes you can availe exemption u/s 54. The condition is that the property must be a residential house and income from such house should be chargeable under the head Income from House Property.

It is not necessary that the house must be occupied by the assessee.
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