Exemption u/s 54
This query is : Resolved
19 April 2013
if assessee owns 2 residential house and sold 1 out of his 2 houses then can he claim exemption u/s 54/54f for purchase of another residential house????
please reply
thanks in advance
please reply
thanks in advance
19 April 2013
Yes, he can claim exemption under Section 54.
.
.
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19 April 2013
54 allowed
54f not allowed. (as 54f allowed only when sale of an asset other than residential house)
54f not allowed. (as 54f allowed only when sale of an asset other than residential house)
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19 April 2013
@ CA VIKAS ACHARYA
SIR QUESTION IS IF ASSESSE ALREDY OWN 1 HOUSE
NOW HE SOLD HIS PLOT OF LAND AND INVEST THE SAME IN PURCHASE OF A NEW HOSUE..
NOW CAN HE CLAIM EXEMPTION U/S 54F??
SIR QUESTION IS IF ASSESSE ALREDY OWN 1 HOUSE
NOW HE SOLD HIS PLOT OF LAND AND INVEST THE SAME IN PURCHASE OF A NEW HOSUE..
NOW CAN HE CLAIM EXEMPTION U/S 54F??
19 April 2013
yes he can, he must not have other than one house at the time of transfer or later on upto 3 years except this new house.
means 1 old house and 1 new house allowed.
means 1 old house and 1 new house allowed.
19 April 2013
https://law.incometaxindia.gov.in/DIT/
type 54 in the section coloum
check 54F.
AND READ THE PROVISO
type 54 in the section coloum
check 54F.
AND READ THE PROVISO
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19 April 2013
no, though before asking this you could also check section 54 text on the same link, where no such condition is written.
but condition there is that the sold an purchased, both assets must be residential houses.
but condition there is that the sold an purchased, both assets must be residential houses.
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19 April 2013
sir that means even if assessee owns more than 10 residential house. And sold 1 residential house and invest the sale proceeds in another residential house.
He’s still eligible for claiming exemption u/s 54.
m i right?
He’s still eligible for claiming exemption u/s 54.
m i right?
19 April 2013
yes Mr kunal, you are right.
but he must follow the time limit of invest or construction given in section 54
but he must follow the time limit of invest or construction given in section 54
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