Capital gains exemption

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Deepa (Querist)
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22 October 2012 Can capital gains exemption under section 54 and 54F from sale of a house and a piece of land be jointly availed by purchase of a single residential property?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 October 2012 There is nothing in the income tax act,1961 that prohibits claim under section 54 and 54F simultaneously. If conditions of the said provisions are fulfilled, claim of exemption shall lie even if only one property is purchased to claim the long term capital gains arisen on sale of different assets.

Anagha Ajit Patnekar's case reported in (2006) 9 SOT 685 (Mum) may be referred to.

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