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.
Nikhil Kaushik
(Expert)
04 October 2015
section 54 has no limit on number of houses under possession. that limit is under section 54F
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