Exemption under section 54 and 54f
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2013
Query: Assesse owned a house, which he sold and long term capital gain arose on this transaction. Also he sold a plot of land and long term capital gain arose on this transaction. The proceeds from both these sales were used for purchase one residential property. So while reporting these gains will they be exempt under section 54 and 54F and no tax will be payable??????
14 August 2013
The exemption will be available u/s 54 as well as u/s 54F for investment in single residential house.
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