Section 54 long term capital gains

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hardik parasia (Querist)
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13 July 2017 An Individual has Purchased a House Property "A" in June 2010
Sold the property A in June 2015
Invested the amount in new house property B in June 2015 anc claimed the deduction in Sec 54

Now Can he sell the property in July 2017 i.e after 2 years and before completion of 3 years
as per the new rules that holding period has been reduced to 2 years for LTCG????

Amol S Joglekar

Amol S Joglekar (Expert)
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13 July 2017 it has to be he consequential change in section 54.
The period of 3 years must be reduced to 2 years.......
Please ensure the same with the new act before taking the call.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 July 2017 If sold in 2017, capital gains attracts. See section 54(1)(i).

CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
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14 July 2017 Though house held for more than 24 months will be treated as long-term, Sec 54 requires the new to be held for 36 months or exemption is withdrawn.

Amol S Joglekar

Amol S Joglekar (Expert)
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14 July 2017 @ CA Sunil Gokhale. ....no corresponding change is made in section 54?......

CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
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14 July 2017 No change in holding period of 3 years u/s 54.

Amol S Joglekar

Amol S Joglekar (Expert)
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16 July 2017 well, that is to be followed then.....

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