Sec-54
This query is : Resolved
Yogesh jain
(Querist)
31 December 2011
An assessee sale a residential one house,
and earned the LTCG if he will purchase the two new residential house, so can he claim as deduction of both house in section -54
Please reply soon
and earned the LTCG if he will purchase the two new residential house, so can he claim as deduction of both house in section -54
Please reply soon
Yogesh Agarwal
(Expert)
31 December 2011
Hi Yogesh
The exemption is not limited to one house only... you can avail exemption by selling one house and buying two new houses or by selling two houses and buying one houses...So you can claim exemption u/s 54 in your case...
Regards
Yogesh
The exemption is not limited to one house only... you can avail exemption by selling one house and buying two new houses or by selling two houses and buying one houses...So you can claim exemption u/s 54 in your case...
Regards
Yogesh
Message likes :
1 times
Yogesh Agarwal
(Expert)
31 December 2011
You may also like to note the case ref:
a) D.Anand Basappa v. ITO (2004) 91 ITD 53 (Bang),
b) ITO v. P.C.Ramakrishna (2007) 108 ITD 251 (Cheenai)
c) CIT V. D.Ananda Basappa (2009) 180 taxmann 4 (Kar.)
a) D.Anand Basappa v. ITO (2004) 91 ITD 53 (Bang),
b) ITO v. P.C.Ramakrishna (2007) 108 ITD 251 (Cheenai)
c) CIT V. D.Ananda Basappa (2009) 180 taxmann 4 (Kar.)
CA PARAS BAFNA
(Expert)
31 December 2011
Please also take care of the following case law
When more than one house is purchased - In case the assessee has purchased more than one house/flat within the period prescribed in section 54, it is for the assessee to claim relief against the purchase of any one of the house/flat provided the other conditions mentioned in the section are satisfied - K.C. Kaushik v. P.B. Rane, ITO [1990] 84 CTR (Bom.) 62.
When more than one house is purchased - In case the assessee has purchased more than one house/flat within the period prescribed in section 54, it is for the assessee to claim relief against the purchase of any one of the house/flat provided the other conditions mentioned in the section are satisfied - K.C. Kaushik v. P.B. Rane, ITO [1990] 84 CTR (Bom.) 62.
Message likes :
1 times
01 January 2012
This is a contentious issue. Courts have delivered divergent decisions. The latest decision,among others, of Punjab and Haryana high court says exemption is available in respect of ONE HOUSE only if invested in more than one residential house.
Citation :- Pawan Arya Vs. CIT (2011) 237 CTR 210.
Citation :- Pawan Arya Vs. CIT (2011) 237 CTR 210.
Message likes :
2 times
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
