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)
Follow

23 March 2015 he must not not sell the new property if he wants to claim exemption for same.....
just check this link:
https://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)
Follow

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?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now