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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Copyright software
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Multiple trade mark
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Negative ITC in Table 4(A)(5)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
