Capital gain tax on sale of residential house
This query is : Resolved
Querist : Anonymous
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.
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.
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.
It is not necessary that the house must be occupied by the assessee.
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