Exemption under section-54
This query is : Resolved
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?
26 June 2018
Yes he can claim entire exemption of 45 lacs in two different years.
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?
26 June 2018
https://www.freepressjournal.in/business/exemption-us-54-sell-two-buy-one-but-in-india-only/608318
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Long Term Service award taxability in hands of company
- Free lancer income
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- What is provisional receipt number for generation of form 16A
- Form 27Q Correction statement taking too long to update on IT Portal
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
