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Sec 54 property

This query is : Resolved 
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(Querist)
21 January 2014 An old long term commercial property be sold and new commercial property is being purchased, can exemption u/s 54 be availed???
What if old property is residential and new property is commercial?
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@VaibhavJ

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@VaibhavJ (Expert)
21 January 2014 Hi

Both property should be residential.

Thx
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 January 2014 In the cited cases, section 54 can't be availed since sold and purchased assets (both) are not residential properties.
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