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Sec. 54

This query is : Resolved 
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(Querist)
26 March 2009 A (Individual) is having residential property. This property is given on rent.
He is selling this property and want to buy another residential property.
So my query is Let out Property sold and that procced invested in buying residential property, so he can take advantage of sec.54?
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Taranjit Singh

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Taranjit Singh (Expert)
26 March 2009 hi dear, as per your query, i want to tell you that Exemption is available under section 54 in respect of a residential house which may be let out or sel-occupied
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
26 March 2009 Yes.
He can the claim the exemption.
No such restriction on LOP.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
27 March 2009 the exemption is available whether the property is self occupied or let out.

so you can claim deduction u/s 54
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