Exemption u/s 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 August 2014
Is it possiblbe to claim exemption u/s 54 upon more than one property sale & purchase correspondily in the same assessment year.I have sold three property in the A/Y 2014-15 and also purchased three property in the same assessment year. Can i claim exemption u/s54
CA SUNIL K GARG
(Expert)
04 August 2014
according to me , section 54 does anywhere restricts multiple sale and purchase. i also find a decision in internet, pls refer to[Rajesh Keshav Pillai v. ITO [2011] 44 SOT 617/7 taxmann.com 11 (Mum.)
the Tribunal held that, though section 54 refers to capital gains arising from 'transfer of a residential house', yet it does not provide that the exemption is available only in relation to one house. If the taxpayer has sold multiple houses, then the exemption under section 54 is available in respect of all houses, if the other conditions are fulfilled. If more than one house is sold and more than one house is bought, a corresponding exemption under section 54 is available. However, the exemption is not available on an aggregate basis, but has to be computed considering each sale and the corresponding purchase, adopting a combination beneficial to the taxpayer.
the Tribunal held that, though section 54 refers to capital gains arising from 'transfer of a residential house', yet it does not provide that the exemption is available only in relation to one house. If the taxpayer has sold multiple houses, then the exemption under section 54 is available in respect of all houses, if the other conditions are fulfilled. If more than one house is sold and more than one house is bought, a corresponding exemption under section 54 is available. However, the exemption is not available on an aggregate basis, but has to be computed considering each sale and the corresponding purchase, adopting a combination beneficial to the taxpayer.
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