Exemption u/s 54 of income tax act 1961
This query is : Resolved
Umesh Kajrolkar
(Querist)
01 December 2017
Mr. X has 5 no's of residential houses which is Long Term in Nature.
Mr. X sell House No. 3 and invest capital gain arising there from in another new residential house within a period of 1 year from the date of sale.
Will he get exemption in respect of Long Term Capital Gain arising from sale of House No.3 ?
Please guide....
Mr. X sell House No. 3 and invest capital gain arising there from in another new residential house within a period of 1 year from the date of sale.
Will he get exemption in respect of Long Term Capital Gain arising from sale of House No.3 ?
Please guide....
04 December 2017
Yes, of course, he will be eligible for the exemption, the only condition relevant here that if he purchases more than one house, he will be eligible for deduction only in respect of one house.
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