Capital gain u/s 54

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M.V.PRASAD

M.V.PRASAD (Querist)
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26 July 2014 MR.A has sold an house for an amount of Rs.60,00,000/- 25-04-2014, and has purchased two flats in different places in the name of Mr.A. Please advice whether he is eligible for benefit u/s 54 for both the flats for calculation of capital gain or not.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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28 July 2014 Since the house has been sold by Mr. A on 25.04.2014, capital gains tax liability will accrue in financial year 2014-15 i.e. 2015-16. In finance bill, 2014 amendment has been made w.e.f. AY 15-16 in section 54 according to which benefit of section 54 can be availed in respect of only one house/flat. Prior to this amendment there was confusion regarding this and there were many Tribunal/Court judgments which in favour of the assessee allowing them to claim benefit in respect of more than one house/flat.

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