income taxable under capital gain
This query is : Resolved
Saurabh Sharma
(Querist)
23 November 2009
Dear Friends,
i want to know that i sale my agriculture land for residential purpose in f.year 2009-10 which was purchased in f.year 2002-03. i have already more than one house property & want to invest the capital gain for purchase of two flats and one shop. will i get the exmeption u/s 54f.
Saurabh
i want to know that i sale my agriculture land for residential purpose in f.year 2009-10 which was purchased in f.year 2002-03. i have already more than one house property & want to invest the capital gain for purchase of two flats and one shop. will i get the exmeption u/s 54f.
Saurabh
shakuntala chhangani
(Expert)
23 November 2009
Hi Saurabh, Exemption u/s 54F is not available to u as you already own more than one house property as on the date of transfer n for claiming exemption section 54F says that the assessee should not own more than one residential house other than the new asset, on the date of transfer of original asset. Regards,
CA Shakuntala Chhangani
CA Shakuntala Chhangani
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