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Sec. 54 - exemption from capital gain

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Querist : Anonymous

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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?
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Rupesh Jain

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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.
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