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Section 54

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(Querist)
19 July 2016 CAN AN ASSESSEE CLAIM EXEMPTION U/S 54 IF HE ALREADY OWNS TWO OR MORE RESIDENTIAL HOUSE PROPERTY AT THE TIME OF TRANSFER OR THEREAFTER?
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
19 July 2016 The condition that the assessee must not have more than one residential property at the time of transfer is applicable in section 54F and not in section 54.
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Amol S Joglekar

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Amol S Joglekar (Expert)
19 July 2016 yes, he can claim exemption u/s 54...no bar on owning the properties
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