Deduction u/s 54
This query is : Resolved
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...?
Can he claim deductions u/s 54...?
05 December 2018
Yes he can claim deduction under section 54 as the purchase is one residential unit.
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...
"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...
05 December 2018
No restriction on number of sale of house. If you sell 2 house either you can buy one or two houses.
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