Exemption under section-54

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ANKUSH GARG (Querist)
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26 June 2018 Dear All,

An individual having 2 House Property had capital gain of Rs. 25 Lac in F.Y. 2016-17 on sale of one of them and invested Rs. 45 Lac in F.Y. 2017-18 (within one year from the date of Transfer) in a residential house and sold the second property in F.Y 2017-18 (A.Y 2018-19) on which he earned capital gain of Rs. 30 Lac.

Now the question is whether he can claim Exemption u/s 54 of Rs. 45 Lac (Rs. 25 lac in ITR of A.Y. 2017-18 and Rs. 20 Lac in the ITR of A.Y. 2018-19) because he has invested in one residential house in India Within 2 Year after the sale of Property-1 and One Year Before the transfer of Property-2.

Can he claim entire exemption of Rs. 45 Lac in two different year or Rs. 25 Lac in the A.Y. 2017-18?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 June 2018 Yes he can claim entire exemption of 45 lacs in two different years.

ANKUSH GARG

ANKUSH GARG (Querist)
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26 June 2018 Sir,

Can you please guide me, "in which words used in section-54" or on which case Laws your answer is based?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 June 2018 https://www.freepressjournal.in/business/exemption-us-54-sell-two-buy-one-but-in-india-only/608318

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