Exemption under section-54
This query is : Resolved
ANKUSH GARG
(Querist)
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?
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
(Expert)
26 June 2018
Yes he can claim entire exemption of 45 lacs in two different years.
ANKUSH GARG
(Querist)
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?
Can you please guide me, "in which words used in section-54" or on which case Laws your answer is based?
CA R SEETHARAMAN
(Expert)
26 June 2018
https://www.freepressjournal.in/business/exemption-us-54-sell-two-buy-one-but-in-india-only/608318
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