Regarding section 54

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2015 If an Assessee sells a Residential Property and wants to claim Exemption u/s 54 by investing the amount of gains in a new property , is there any condition on the number of residential and commercial properties (besides the one that is being sold) being held by the Assessee for claiming the Capital Gains Exemption u/s 54? For instance, if an Assessee has 4-5 residential / commercial properties and wishes to sell 1 of the residential property and buy another,can he get Section 54 exemption benefit?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 March 2015 he must not not sell the new property if he wants to claim exemption for same.....
just check this link:
http://www.charteredclub.com/section-54/

Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2015 That condition is for Section 54F - As per your article link as well, the same is specified for Section 54 F, however, it is silent in Section 54.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 March 2015 the new house must be kept for min 3 years from date of acqistkion

Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2015 Waiting for some other confirmations on the same as well - Anyone?

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