Exemptions u/s 54 on sale of property
This query is : Resolved
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PARDEEP KAPIL
(Querist)
28 January 2025
Dear Sirs : One of my clients purchased a plot of land three months ago for Rs.300 (example) and now selling the same at Rs.760. Can he claim exemption u/s 54 if he invest whole sales proceeds of Rs.760 in new residential property..... If answer is NO than how can he save income tax. Kindly advise... Regards
Nabin Agarwal
(Expert)
29 January 2025
Yes if the profit earned in invested in a new house property then you are eligible for deduction u/s 54. u can also refer https://cleartax.in/s/section-54-capital-gains-exemption
PARDEEP KAPIL
(Querist)
29 January 2025
Sir : The gap between PURCHASE and SALE is THREE MONTHS ONLY.... Please let me know that is section 54 applicable in short term capital gain as well ? Regards
30 January 2025
No deduction available for short term capital gain.
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