Section 54
This query is : Resolved
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?
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.
19 July 2016
yes, he can claim exemption u/s 54...no bar on owning the properties
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