Sec 54 capital gains benefit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 April 2012
If a person owns many residential properties and sells one residential property, can he reinvest in another residential property adequately within the stipulated period and claim the tax benefit ?
CA.rajni kalsariya
(Expert)
12 April 2012
yes person can invest in another res.property and claim tax benifit.
Message likes :
1 times
Mihir Doshi
(Expert)
12 April 2012
Section 54 will be applicable here to get the benefit of Capital Gain.
CA Kishore Tallam
(Expert)
12 April 2012
Yes, subjected to one condition that the residential property which is sold by that individual shall be a long term capital asset. As per Sec 54, if a LT house property is transferred and the capital gains are invested for purchase / construction of a residential property within specified time, then such CGs are exempt from tax.
Murtaza I Bhagat
(Expert)
12 April 2012
yes, agreed with experts
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