banner_ad

Exemption under Section 54

This query is : Open 
Profile Image

pro badge

Profile Image

pro badge (Querist)
12 October 2020 Assessee sold a residential Flat-A on 09-10-2020. He had already purchased Flat-B on 11-12-2018. Can cost of Flat-B be deducted from the sale value of Flat-A for the purpose of exemption under Section 54 of Income Tax Act? Kindly help.
Profile Image

Sagar Patel

Profile Image

Sagar Patel (Expert)
13 October 2020 Yes, If Flat-A is long term Capital Assets than you can take benifit of Section 54 of the income tax Act, 1961[As Purchase before 1 year]...Cost of Flat-B will be deducted from long term capital Gain on sale of Flat-B
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
13 October 2020 Clearly NO, because Flat B is purchased MORE THAN ONE YEAR from the date of sale of Flat A.
Profile Image

Sagar Patel

Profile Image

Sagar Patel (Expert)
13 October 2020 Agree, Can't take benefit, as Gap is more than 1 Year.
Profile Image

Rajeshpro badge

Profile Image

Rajeshpro badge (Querist)
17 October 2020 What is the best alternative available to reduce capital gains tax?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details