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?
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
CA Nitin Wadhwani
(Expert)
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.
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
so you can claim deduction u/s 54
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