exemption
This query is : Resolved
vivek kumar
(Querist)
23 December 2010
if i sale 2 residential house and invest long term capital gain of that assets into a new residential house.
Am I eligible for exemptiom U/S 54 for both the houses
Am I eligible for exemptiom U/S 54 for both the houses
23 December 2010
Yes, i dont find any problem in this.. But let for othr replies as well...
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CA. R. B. SAH
(Expert)
24 December 2010
yes, exemption allowed.
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24 December 2010
See the contents of the sectin
"where, in the case of an assessee being an individual or a Hindu undivided family, 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........"
So they used the word lands and buildings... so mostly you will get exemtion for both the houses
"where, in the case of an assessee being an individual or a Hindu undivided family, 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........"
So they used the word lands and buildings... so mostly you will get exemtion for both the houses
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vivek kumar
(Querist)
24 December 2010
Would you please suggest me any Case Law in relation to above case...
In sac 54 It is also written .... buildings or land appurtenant thereto, and being A residential house....
here it is written a residential house
In sac 54 It is also written .... buildings or land appurtenant thereto, and being A residential house....
here it is written a residential house
24 December 2010
sorry but i dont have any case law on the same but you can ask B chakrapani worrier he might guide yu on this better... give my reference
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