Long term Capital Gains Exemption U/s 54
This query is : Resolved
24 December 2019
My client has got two residential houses. He sold one of the recently in Dec 2019 and LTCG is araised of the sale. Can he get exemption U/s 54 if he re invests the same as he wants to buy a new residential House?
I feel Since he is holding two Residential houses, he cannot take Exemption. Does new finance bill amendment helps here? (One can invest in two residential houses if LTCG is below 2 Crs and once in life time)
Thanks in advance.
I feel Since he is holding two Residential houses, he cannot take Exemption. Does new finance bill amendment helps here? (One can invest in two residential houses if LTCG is below 2 Crs and once in life time)
Thanks in advance.
24 December 2019
Yes he is eligible for exemption under section 54. Only problem is he can't buy 2 houses out of sale of one house when value exceed 2 crore.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Cash balance limit and property purchases limit
- NRI starting business in India
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- Journal entry of busniess expenses
- Bank details not Visible on Traces Portal
- Invertaded duty struture
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
