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Capital Gain U/s 54

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25 August 2008 Assessee sold a residential property during the current year and capital gain is calculated as Rs. 250 lacs. He purchased a residential property for 65 lacs in last year i.e; less than one year before current sale. The property so purchased is situated in another state than the state where assessee reside. Now he propose to invest Rs. 150 lacs in another residential property during the current year through a builder who is constructed the same and payment is to be made in full now. The question is whether assessee shall be entiltled to claim deduction u/s 54 against investments in both the properties totalling 215 lacs. Whether answer varies if a built up res. property is purchased now directly by the assessee instead of through the builder.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
02 April 2012 Exemptiom u/s 54 is available only for investment in ONE residential house property.

So, it is beneficial to claim exemption for Rs. 150 lakhs.
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