Sec. 54 - exemption from capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2014
Good Morning
In sec. 54 exemption is available for purchase of HP before one year of transfer or two year after transfer.
Eg. On 1/9/13 I purchased a house and then I sold my old house on 2/8/2014. Exemption is available to me u/s 54.(i.e. purchase a house within one year before the date of transfer)
Question:
1) When I already purchased the house before the sale of old house then why exemption is available, even if i have the money as it is, I don't use the amount from sale proceeding. What is the logic?
In sec. 54 exemption is available for purchase of HP before one year of transfer or two year after transfer.
Eg. On 1/9/13 I purchased a house and then I sold my old house on 2/8/2014. Exemption is available to me u/s 54.(i.e. purchase a house within one year before the date of transfer)
Question:
1) When I already purchased the house before the sale of old house then why exemption is available, even if i have the money as it is, I don't use the amount from sale proceeding. What is the logic?
Rupesh Jain
(Expert)
15 April 2014
law prov. you already mention.
you donot want to take exemption agst already purchase property then you can but one more house.
you donot want to take exemption agst already purchase property then you can but one more house.
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