Sec 54 f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2014 my clien has sold a shop in 34,00,000 lacs. he has purchased one house of rs 25,00,000 lacs six months ago. he has no any other residential house.can he purchasse one more house of rs 900000 lacs and claim deduction u/s 54.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 June 2014 if he has already purchased 1 house 6 months ago then already he owns 1 house on date of sale then no deduction can be claimed u/s 54.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 June 2014 Tushar,

54F is applicable as such because the condition is that the assessee should not be own more than one residential house, other than the new asset, on the date of transfer of the original asset. since on the transfer he owned only one house, he is eligible for 54F. (refer proviso (a)(i) to section 54F.

however, the problem is a different one. assessee needs to decide against which house he wishes to claim deduction : one bought 6 months before transfer or the one he may buy now.

He can claim only one and invest remaining under 54EC.

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