Section 54
This query is : Resolved
02 February 2010
Mr X has earned Rs. 500000 as long term capital gain on transfer of his self occupied house property. He wants to purchase two different residential house by investing the capital gain.
Mr. X wants to know that whether he is eligible for Deduction under section 54 of income tax if he invest the capital gain in two properties.
Please suggest it is urgent.
Doubt: as per section 54 deduction is eligible for a residential house property if acquired or purchased. so is it applicable for one house or there is no as such limit and assessee can invest his capital gain in as many house as he can?.
Mr. X wants to know that whether he is eligible for Deduction under section 54 of income tax if he invest the capital gain in two properties.
Please suggest it is urgent.
Doubt: as per section 54 deduction is eligible for a residential house property if acquired or purchased. so is it applicable for one house or there is no as such limit and assessee can invest his capital gain in as many house as he can?.
02 February 2010
Permitted to reinvest in one residential house property only.
In case the assessee has purchased more than one house/flat within the period prescribed in section 54, it is for the assessee to claim relief against the purchase of any one of the house/flat provided the other conditions mentioned in the section are satisfied.
K.C. Kaushik v. P.B. Rane, ITO [1990] 84 CTR (Bom.) 62
In case the assessee has purchased more than one house/flat within the period prescribed in section 54, it is for the assessee to claim relief against the purchase of any one of the house/flat provided the other conditions mentioned in the section are satisfied.
K.C. Kaushik v. P.B. Rane, ITO [1990] 84 CTR (Bom.) 62
CA. Varun Goel
(Expert)
02 February 2010
Mr. Chackrapani is right
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Movement of goods by packers and movers - type of sale - Reg.
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Missed uploading GST Invoice
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- RCM and same line
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
