Capital gains exemption under 54F
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 June 2011
My friend holds two residential properties. Out of this he wants to sell one residential property. He has already purchased a new property 5 months back. Will he be eligible for exemption under sec 54F ?
CA PARAS BAFNA
(Expert)
11 June 2011
He should claim exemption U/s 54 in case he is selling a long term Residential House Property.
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Capital gain, arising on sale of any long term capital asset other than residential house, is eligible for exemption U/s 54F.
*
Capital gain, arising on sale of any long term capital asset other than residential house, is eligible for exemption U/s 54F.
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