Sec. 54
This query is : Resolved
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?
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?
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
26 March 2009
Yes.
He can the claim the exemption.
No such restriction on LOP.
He can the claim the exemption.
No such restriction on LOP.
27 March 2009
the exemption is available whether the property is self occupied or let out.
so you can claim deduction u/s 54
so you can claim deduction u/s 54
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- Residential status of non resident
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Taxability of credit in canara bank ET & T section (NRO)
- TDS offline utility
- Due Date Clarity
- Rent claimed on building given on permissive possession basis
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
