S.54

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P.SARAVANAN (Querist)

08 May 2015 My client owns 3 residential house properties as on 01.04.15. He is planning to sell one house property and invest in another residential house property. 1. Can he claim exemption u/s. 54? 2. Is this exemption available to a person once in a life time since as per latest amendment w.e.f. AY 2015-16 " one residential property in India "? If he avails this exemption in AY 2016-17 can he again claim exemption in AY 2017-18 if he sells another residential house property and invests again in one residential house property?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

08 May 2015 Yes he can claim exemption u/s 54 on fulfilling all the conditions of section 54. Section 54 exemption is not a life time one. The amendment made w.e.f. AY 2015-16 'one residential property in India' does not mean it is one time what it really means is that if investment is made in more than one residential house property than exemption will be available only in respect of one house property. That is it will be restricted to investment made in one property.

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