Capital gains
This query is : Resolved
07 April 2017
A PERSON HAS PURCHASED RESIDENTIAL HOUSE 10 YEARS AGO . HE HAS NEITHER SHOWN THE PURCHASE VALUE OF HOUSE NOR REPORTED THE RENTAL INCOME IN HIS RETURN OF INCOME . IF HE SELLS THE HOUSE NOW & PURCHASE ANOTHER HOUSE ; CAN HE AVAIL TAX EXEMPTION u/s 54 OF THE I.T ACT.
07 April 2017
Dear Ashwini,
Yes he can claim the exemption u/s 54, even though he has neither shown such house nor reported any rental income in its ITR. But make sure assessee complied with all the conditions mentioned in the secton 54.
Yes he can claim the exemption u/s 54, even though he has neither shown such house nor reported any rental income in its ITR. But make sure assessee complied with all the conditions mentioned in the secton 54.
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