Exemption u/s 54 & 54f
This query is : Resolved
23 May 2014
Dear friends,
A person has sold one long term residential property and realized gain of Rs.45 Lacs. further he sold rights on a property and sale consideration of the same is Rs.55 Lacs.
Now he has purchased one residential property for Rs.1.25 Crores.
My question is, whether he can claim benefit of section 54 & 54F both on purchase of only one residential property.
He has complied with all the other conditions u/s 54 & 54F
Please reply with any legal reference
thanks
A person has sold one long term residential property and realized gain of Rs.45 Lacs. further he sold rights on a property and sale consideration of the same is Rs.55 Lacs.
Now he has purchased one residential property for Rs.1.25 Crores.
My question is, whether he can claim benefit of section 54 & 54F both on purchase of only one residential property.
He has complied with all the other conditions u/s 54 & 54F
Please reply with any legal reference
thanks
23 May 2014
As you have invested whole consideration of Rs. 1Cr then why don't you claim in section 54F only
23 May 2014
Hi Mr. Mohit,
u mean to say that i should not go for exemption u/s 54 and should pay tax on gain from sale of residential property even when i purchased new house property in which full capital gain is exhausted.
u mean to say that i should not go for exemption u/s 54 and should pay tax on gain from sale of residential property even when i purchased new house property in which full capital gain is exhausted.
23 May 2014
No, You can claim entire exemption under section 54F
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