Capital gains
Querist : Anonymous
Mr. A sold his house and land
Now he purchase a new house out of the sale proceeds.
As per section 54, exemption is available if assessee invest the sale proceeds in residential house after selling residential house only.
And as per section 54F, exemption is available if assessee invest the sale proceeds in residential house after selling any long term asset except residential house.
Now my query is, if Mr. A bought one resdential house out of the sale prceeds from selling both residential house as well as land. CAN Mr. A avail the exemption of both sections in respect of only one new residential house.
that means
under section 54 - House No. 1 (New One) - against the sale proceeds of old house
under section 54F - House No. 1 (New One) - against the sale proceeds of land
"Can exemption under section 54 & 54F be avail in respect of one new house only?"
reply with appropriate case law if possible
Land includes watchmans shelter
Thanks
Please respond
If the land is attached to the building or it is apputenent to the building then you will not be entitled to exemption u/s 54F
Querist : Anonymous
Querist : Anonymous
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