Deduction u/s. 54 on Long Term Capital Gain
This query is : Resolved
Quick Summary
08 September 2021
My Friend sold one flat on 11/12/2020 for Rs. 8 lacs. It was purchased 5 years back for Rs. 4 lacs.
He purchased another flat on 24/12/2020 for Rs. 28 lacs. He took some home loan to buy this flat. He sold another flat on 28/05/2021 for Rs. 13 lacs. It was purchased 5 years back for Rs. 9 lacs.
My query is that whether he can claim deduction u/s. 54 in both financial years .i.e. FY 2020-21 as well as FY 2021-22.
He purchased another flat on 24/12/2020 for Rs. 28 lacs. He took some home loan to buy this flat. He sold another flat on 28/05/2021 for Rs. 13 lacs. It was purchased 5 years back for Rs. 9 lacs.
My query is that whether he can claim deduction u/s. 54 in both financial years .i.e. FY 2020-21 as well as FY 2021-22.
08 September 2021
Yes, he is eligible as the time period is within the limit specified u/s. 54 of IT act.
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10 September 2021
Thanks for your clarification.
22 September 2021
Most Welcome ..
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