Deduction U/s 54 F

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Rahullakhwani (Querist)
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20 June 2009 Wether an assesse already having an House Property can claim exemption in respect of LTCG by investing again in the same house property or by purchasing one more residential house.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 June 2009 Investing the LTCG again in same house property would not mean constructing a residential house as contemplated u/s 54F.Accordingly claim will be disallowed.

Citation:- V. Pradeep Kumar 153 Taxmann 138 (Mad).

Ratan Sharma

Ratan Sharma (Expert)
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20 June 2009 Agreed with expert. You will have to purchase new residential house to claim deduction u/s. 54F.

Rahullakhwani

Rahullakhwani (Querist)
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22 June 2009 To Chackrapani Sir,
Sir wether already possesing a house property would not restrict the assesse in Claiming the deduction u/s 54 F

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