Capital gains
This query is : Resolved
10 September 2011
Can an assessee claim exemption U/s 54 if he sells two residential units(independent residential units) and purchases/constructs one house property
15 September 2011
Thanks punit, do we have any refernce case laws on this issue if so pls share the same
10 October 2011
Do we have any reference case laws on the issue.
15 December 2011
Mumbai Division Bench decision
In Rajesh Keshav Pillai V/s ITO(2011)141 TTJ(Mum)183, the Mumbai 'D' Bench has taken the view that there is no restrictions in section 54 that exemption is available only in respect of sale of one residential house and that exemption under section 54 is available in respect of sale of any number of residential houses provided that there are corresponding investments in as many number of residential houses and all other conditions are fulfilled.
In Rajesh Keshav Pillai V/s ITO(2011)141 TTJ(Mum)183, the Mumbai 'D' Bench has taken the view that there is no restrictions in section 54 that exemption is available only in respect of sale of one residential house and that exemption under section 54 is available in respect of sale of any number of residential houses provided that there are corresponding investments in as many number of residential houses and all other conditions are fulfilled.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- GST ISSUE OF INPUT AND OUTPUT GST
- Salary from Qatar in Dollars in India
- TDS on purchase of under construction property from a reseller
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
