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Deduction Under Section 54 of Income tax Act,1961

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(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?
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Dhirajlal Rambhia

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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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