Exemption u/s.54 of it act 1961
This query is : Resolved
28 November 2015
I had two residential houses(Let Out) in mumbai and one Residential house (self Occupation) in chennai.now i wants to purchase one residential house in chennai out of sale proceeds of one house in mumbai out of two residential houses.whether i will get 54 exemption or not
28 November 2015
NO, YOU WILL NOT GET EXEMPTION.
n section 54 of the Income-tax Act, in sub-section (1), for the words “constructed, a residentialhouse”, the words “constructed, one residential house in India” shall be substituted with effect from the
1st day of April, 2015.
n section 54 of the Income-tax Act, in sub-section (1), for the words “constructed, a residentialhouse”, the words “constructed, one residential house in India” shall be substituted with effect from the
1st day of April, 2015.
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