Sec 54a of income tax

This query is : Resolved

CA Raman Goel (Querist)
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11 July 2012 for claiming exemption u/s 54 it does not matter whether assesses has one house or more than one house on the date of transfer

Is this statement true?

Is there any case law on this subject?

Pls help

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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11 July 2012 Section 54 does NOT specify that the assessee should not own any other house property.

This requirement is only for Section 54F.

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CA Rahul Gupta

CA Rahul Gupta (Expert)
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11 July 2012 As per the Provision of the Act:- Yes,This statement is correct, does not matter whether assessee has one or more house on the date of transfer to claim exemption u/s 54

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CA Raman Goel

CA Raman Goel (Querist)
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11 July 2012 sir
is any case law on this subject?

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CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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11 July 2012 Case law is not required if section does not restrict the assessee from claiming the exemption.
Further, the Assessee can invest in more than one property for claiming the exemption then it can be construed that there is no condition of having only one residential property.

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