Exemption u/s 54
This query is : Resolved
Simranjeet Singh
(Querist)
03 June 2014
Dear Members,
One of my clients sold a long term residential land and sold it and purchased a new residential land from the proceeds.
Will any exemption be available under section 54 or 54 F
One of my clients sold a long term residential land and sold it and purchased a new residential land from the proceeds.
Will any exemption be available under section 54 or 54 F
10 June 2014
no exemption will be available under section 54 or 54F, since exemption under section 54 is available only in case of transfer of residential house property and purchase of residential house property from out of capital gains. Similarly for availing section 54F exemption, the capital gains accruing from transfer of any asset other than residential house property must be invested in residential house property only. Your case is a case of transfer and purchase of residential land only hence no exemption is available.
10 June 2014
no exemption will be available under section 54 or 54F, since exemption under section 54 is available only in case of transfer of residential house property and purchase of residential house property from out of capital gains. Similarly for availing section 54F exemption, the capital gains accruing from transfer of any asset other than residential house property must be invested in residential house property only. Your case is a case of transfer and purchase of residential land only hence no exemption is available.
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