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Deduction u/s 54

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(Querist)
05 May 2013 2 residential property, one in the name of HUF and other in the name of karta has been sold and a single new flat has been purchased from the sale consideration of both the above flats. In this case both HUF and karta can claim deduction u/s 54 or not ?
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Anand

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Anand (Expert)
06 May 2013 no i dont think it can be done
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VIKAS SHARMA

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VIKAS SHARMA (Querist)
08 May 2013 Can we take deduction in both of them if new flat is purchased both in the name of HUF as well as in the name of karta ?
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
20 June 2013 Yes it can be taken provided one property has been shown in the Balance Sheet of HUF and the other in the Balance Sheet of Individual. If this is not so then you cannot do if both the properties are appearing in the Balance Sheet of HUF it is not material if it is in the name of Kart but your HUF iw owning two properties.
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