Section 54

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2017 ASSEESEE SALE PLOT (LONG TERM) AND WANT TO BUY A RESIDENTIAL HOUSE. ASSEESEE HAVING ALREADY A RESIDENTIAL HOUSE AND WANT TO BUY ANOTHER RESIDENTIAL HOUSE.

WHETHER ASSEESEE CAN CLAIM EXEMPTION UNDER SECTION 54 OR NOT ????????

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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21 April 2017 Exemption u/s 54 is not available in respect of sale of plot it is available only in respect of sale of a residential house property upon purchase/construction of a new residential house property. But exemption u/s 54F can be availed in your case by investing entire sale consideration from sale of plot to construction of residential house property subject to other conditions of section 54F.