Sale of House Property and invest it in construction u/s.54
This query is : Resolved
10 June 2011
Reply immediately.
Assessee owns 3 House Property. Last year he sold one house and started construction of residentail house as per section54.This year he sold another house and now he wants to utilise the sales consideration in the above mentioned construction.Can he do so? otherwise can he invest in another house or construction?
Assessee owns 3 House Property. Last year he sold one house and started construction of residentail house as per section54.This year he sold another house and now he wants to utilise the sales consideration in the above mentioned construction.Can he do so? otherwise can he invest in another house or construction?
CA PARAS BAFNA
(Expert)
10 June 2011
There is no restriction in Section 54.
An assessee may have N number of residential houses and by selling the residential houses which are long term capital assets, he can invest in purchasing/constructing one or more residential houses.
An assessee may have N number of residential houses and by selling the residential houses which are long term capital assets, he can invest in purchasing/constructing one or more residential houses.
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