capital gain U/s 54 on residential house property
This query is : Resolved
Yogesh kumar
(Querist)
14 February 2008
Dear sir,
One of my friend has three house property in his name ,he is selling two house property and will have capital gains on it .
My query is that whether two house property will qualify for exemption U/S 54, if he re invest the amount of capital gain in aquiring new residential house property
One of my friend has three house property in his name ,he is selling two house property and will have capital gains on it .
My query is that whether two house property will qualify for exemption U/S 54, if he re invest the amount of capital gain in aquiring new residential house property
14 February 2008
If the whole of the consideration is paid & possession of the house is obtained, the exemption contempleted u/s 54 is attracted.
Construction of the house should be completed within 3 yrs from the date of transfer.
The House Property so purchased/constructed has not been transferred within a period of 3 yrs from the date of purchase/construction.
Construction of the house should be completed within 3 yrs from the date of transfer.
The House Property so purchased/constructed has not been transferred within a period of 3 yrs from the date of purchase/construction.
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