Exemption from capital gains

This query is : Resolved

CA Rushikesh Kolhe (Querist)
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12 February 2012 Hello,
i am little confused in the following case
One assessee being women below 65 years have sold one residential property and one non agricultural land in same financial year. From the sale consideration of of both of above she purchased new residential property in the same financial year.
Can she take exemption under both 54 and 54F sections at the same time?
Or she can take only one exemtion either of Sec 54 or sec 54F?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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12 February 2012 She has to invest entire capital gain arising on residential property and entire sales consideration of land in the new residential house for availing exemption under 54 & 54F, by purchasing a new big house.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 February 2012 Both these exemption provisions are not mututally exclusive provisions , that is, there is nothing in the provisions u/s 54 or 54F which states that one can not avail of both the exemption.

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