Exemption U/s 54 in case of sell of new residential property

This query is : Resolved

RANJAN (Querist)
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22 January 2023 An Individual Assessee sells a residential property in 2020 and purchases a new residential property in the same year, thereby, claiming benefit u/s 54.

Now he sells the new residential property after 2 years but within 3 years, and plans to invest the entire proceeds in new residential property.

What will be tax implications ans whether exemption can be again claimed u/s 54?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 January 2023 The tax liability over LTCG for sell of first house property will arise in the year of sell of second house property under which exemption u/s. 54 of the act, was claimed.

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