house property

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Pranjal (Querist)
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18 July 2011 Assessee has rented his property and he claims the depreciation on the property, now he want to sell the property and want to take the benefit of sec 54.Now the issue is as the property is covered under sec 32 thus after sale of property it will be treated as short term capital gain, but assessee want to show it long term and take the benefit of sec 54. Please guide me on the issue and also give the citation of any case law regarding the issue.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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18 July 2011 The assessee can claim Exemption U/s 54.
If you go through the following link, you
may be able to frame up an idea about it-

https://www.indiankanoon.org/doc/1188325/

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