Exmeption u/s 54 of the income tax act
This query is : Resolved
Vijay Kumar Thota
(Querist)
18 February 2016
I am a owner of 2 residential Properties. I have sold one residential property and purchased another Residential Property with 2 years from the date of transfer. shall i claim Exemption u/s 54 even I am owner of 2 residential properties at the time of transfer..??
Suresh Ramaswamy
(Expert)
18 February 2016
The Income Tax Act 1961 permits an assessee to have two residential properties for self occupation. Section 54 talks of exemption from long term capital gains on sale of a residential house and re-investment in a new residential house. Therefore prima facie you can claim exemption if the sale is of a residential house and the purchase is 0f a new residential house, even though you own another residential property.
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