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Exemption u/s 54

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 August 2012 sir can you tell me about exemption u/s 54, if sold property is residential plot and purchased property is redidential house. can we claim residential plot in place of residential house property.
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Amol S Joglekar

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Amol S Joglekar (Expert)
05 August 2012 No not really. For 54 you need to have capital asset as residential house. For other than residential house property, you need to go by 54F or other relevant sections.
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SANYAM ARORA

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SANYAM ARORA (Expert)
05 August 2012 Agreed with the reply
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