Capital gains exemption under 54F

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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

CA PARAS BAFNA (Expert)
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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.

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