Capital Gains
This query is : Resolved
Sara.........
(Querist)
04 March 2009
Assessee sold shares results in long term capital gains, buys 3 flats in the same apartment can he claim exemption under section 54F. He does not own any residential property as on date.
04 March 2009
yes he can for first two houses only as per limit provided in 54F
CA Tirth Ajani
(Expert)
04 March 2009
in this case i think only 1 residential house property can b claimed under section 54F.
VINOD KUMAR GUPTA
(Expert)
05 March 2009
only one house u can claim u/s 54f
Sara.........
(Querist)
05 March 2009
Its quite confusing, one case law says if there is a common kitchen and common passage then the entire unit can be considered as one residential unit and exemtion can be claimed. Looks like it will depend upon the assessing officer also. Anyway thanks for the reply.
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