04 December 2018
An assessee has 4 residential units,during the PY 18-19 he sells two of his residential units and purchases another residential unit (one) in the same previous year . Can he claim deductions u/s 54...?
05 December 2018
Sec 54 says "the capital gain arises from the transfer of a long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head "Income from house property" i.e,sale of one residential unit and purchase of one residential unit,please correct if i am wrong.. and please suggest me any case law to substantiate my issue...
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