GAPITAL GAIN
This query is : Resolved
05 May 2011
IF AEESEESS SOLD 1 FLAT AND INCURED CAPITAL GAIN, NOW HE WANT TO INVEST SALES CONSIDERATION IN 3 DIFFERENT FLATS. WILL 3 FLATS ARE ELIGIBLE FOE EXEPMTION FOR CAPITAL GAIN EXEMPTION PURPOSE.
05 May 2011
As per Section - 54
If Assessee- Individual & HUF
-Property- Residential House, long term capital assets
-income of which is chargeable under the head Income from house property
-Exemption for A residential house
If Assessee- Individual & HUF
-Property- Residential House, long term capital assets
-income of which is chargeable under the head Income from house property
-Exemption for A residential house
06 May 2011
Exemption for only one flat can be claimed under section 54 as per the decision of Bombay high court decision in the case of K.C.Kaushik Vs. ITO (1990) 84 CTR 62.
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