House property section 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 October 2015
I purchased a flat in may 2005 and sold it in oct 2013. And hence re invested the sale proceeds to buy a residential flat in dec 2013.
But in 2011, I got a apartment under a will from my father after his demise.
So do i qualify for section 54 exemption from one residential property to another.
and then I have not shown the details of sale and re investment in my tax returns.
But now do i need to show it or is it so since I'm owning more than 1 property at the time of sale- exemption cant be obtained?
please guide me here.
But in 2011, I got a apartment under a will from my father after his demise.
So do i qualify for section 54 exemption from one residential property to another.
and then I have not shown the details of sale and re investment in my tax returns.
But now do i need to show it or is it so since I'm owning more than 1 property at the time of sale- exemption cant be obtained?
please guide me here.
04 October 2015
section 54 has no limit on number of houses under possession. that limit is under section 54F
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