Exemption U/s 54 in case of sell of new residential property
This query is : Resolved
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?
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
(Expert)
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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