Deduction Under Section 54 of Income tax Act,1961
This query is : Resolved
Harsh Chaudhary
(Querist)
02 October 2021
A Person has two residential House properties. In 2020, He Sold one House Property and utilized the proceed to reconstruct/Rebuilt the Second House. Whether the person can claim the expenditure for construction can be claimed as exemption under section 54?
Dhirajlal Rambhia
(Expert)
02 October 2021
If the property 1, was sold; the exemption u/s. 54, can be claimed in AY 21-22, subject to satisfying its conditions. If the property 2 is still under construction, then the exemption can be availed on expenditures carried after the sale of property 1.
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