Capital gains

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This query is : Resolved

SAMEER SHAHJI (Querist)

15 September 2012 can exemption u/s 54 & 54F be taken on purchase of single property ?
If yes/ No, is there any case law in this respect

Amol S Joglekar

Amol S Joglekar (Expert)

15 September 2012 No. There need not be any case law in this. The sections are crystal clear. 54 is for long term capital gain arising out of sale of immovable property being residential property. 54F is for "not being a residential house"

Pankaj Gupta

Pankaj Gupta (Expert)

16 September 2012 Agree with the expert.

SAMEER SHAHJI

SAMEER SHAHJI (Querist)

17 September 2012 Sir I am talking about the purchase of new property.
If I have LTCG from the sale of residential property and sale of any asset other than residential property and if I purchase 1 Property than can i take exemption u/s 54 & 54F both for that 1 property purchased ?

Amol S Joglekar

Amol S Joglekar (Expert)

17 September 2012 Can you have an APPLE and eat it too? The exemption claimed u/s 54 can not be again claimed u/s 54F. (Since you are stretching the imagination too far,..... if 54 LTCG has occured first, then 54F LTCG AND some portion of the value of new flat is left un availed for exemption, then you can have your view come true)

SAMEER SHAHJI

SAMEER SHAHJI (Querist)

17 September 2012 ok thanks the bracket portion was I really wanted to know.
Is there any case law in this regard ?

Amol S Joglekar

Amol S Joglekar (Expert)

17 September 2012 No case law required. The bracketed portion has LOT of read through / between the lines. Please chaeck those dates. The 54F exemption is available if and only if the assessee DOES NOT own any other house as on the date of TRANSFER. Please go through the entire exercise with a cool and level headedness. Best of luck.

SAMEER SHAHJI

SAMEER SHAHJI (Querist)

17 September 2012 ok Thanks a ton

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