SALE OF RESIDENTIAL HOUSE PROPERTY PURCHASE AN AGRICULTURAL LAND

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A client sold a residential property purchased in 2023-24 for Rs. 9,00,000 and sold in 2024-25 for Rs. 15,00,000. They also purchased agricultural land for Rs. 15,00,000 in the same year. The query concerns eligibility for capital gains exemption under Section 54, which is generally applicable if the residential property was sold within 12 months of purchase.

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(Querist)
02 February 2025 DEAR SIR,

ONE OF MY CLIENT PURCHASED A RESIDENTIAL HOUSE IN THE YEAR 2023-2024 COST OF RS.9,00,000/-, HE HAS SOLD THE PROPERTY COST OF RS.15,00,000/- IN THE YEAR OF 2024-2025, AND ALSO HE HAS PURCHASED AN AGRICULTURAL LAND OF COST OF RS.15,00,000/-.

NOW MY CLIENT AVAIL THE CAPITAL GAIN EXEMPTION BENEFITS OF U/S 54

THANK YOU
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 February 2025 Yes, if the property sold is residential house and sold within 12 months from thee purchase of property in 2023-24.
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raghavendra b

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raghavendra b (Querist)
02 February 2025 THANK YOU FOR YOUR REPLY,

THANK YOU
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 February 2025 You are welcome.
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