Captial Gains

This query is : Resolved

Deeptha (Querist)
Follow

16 July 2009 Hi,

Please help me out on this issue which is very urgent.

An assessee has sold his 2 residentail house properties one in mumbai and the other in bangalore and purchased a new house in bangalore. My question is that can he get capital gains exemption u/s 54 of the act or any or exemption which makes capital gains exempt

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
Follow

16 July 2009 He can get the excemption U/s 54 to the extent of investment in the new house of banglore.

taxindiaconnect

taxindiaconnect (Expert)
Follow

16 July 2009 In this case the hopefully the exemption should be allowed, however the language of the section 54 says that the exemption will be given to a person who owns a residential house. The word a residential house is sometimes is read "One Residential House", in this case the assessing officer may litigate on this point..

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Bijo scaria

rana andcompany

sathiyaram

Vinod Dharwarkar

svgovindaraju

Subscribe Now

Captial Gains

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

GST CONSULTANT

Manager- Finance and Compliance

Article Assistant

Accountant

CA Final