Section 54

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2018 I am owner of 2 residential houses and 1 plot. I have sale 1 house on 25/3/18. And arise capital gain rs10lac, I have purchased another residential plot on 20/4/18 rs 15lac.
Can I claim exemption under sec.54
Please reply

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 July 2018 No, section 54 exemption available only for buying/ construction of house.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2018 If I purchase residential house than sec 54 exemption use ..??
Already owned 2 houses.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2018 Or. If I construct house. this plot withing 1 year than I can claim exemption sec 54..??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 July 2018 Either purchase a house or contruct house in plot purchased as proposed 54 exemption available.

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