Exemption u/s 54 & 54f
This query is : Resolved
13 March 2012
hi every one,
I want to know that if i sold 2 or 3 agricultural lands and purchase only one residential property can i claim exemption from whole capital gain on more than one land sold against only one residential property purchased u/s 54f. Is there any case law decided on that matter please share that case for my reference
Thanks
Preeti Satija
I want to know that if i sold 2 or 3 agricultural lands and purchase only one residential property can i claim exemption from whole capital gain on more than one land sold against only one residential property purchased u/s 54f. Is there any case law decided on that matter please share that case for my reference
Thanks
Preeti Satija
13 March 2012
Yes you can claim exemption u/s 54F for multiple assets sold. Section 54F does not specify that the exemption is available only against a single asset.
However, you sais that you have sold agricultural land. Capital gain arising on sale of agricultural land is exempt.
However, you sais that you have sold agricultural land. Capital gain arising on sale of agricultural land is exempt.
13 March 2012
Thanks sir, But its an urban agricultural land so it is not exempt. and please share any case law decided on this matter.
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