Section 54 of capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2013 Assesse has 3 Residential House Property(HP), he/She sold one HP & Purchased Another HP within 3 months.

Is He/She get benefit of Sec 54???????

I heared that assess gets benefit in sec 54 only if he/she has 2 HP.

Is it Right???????

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 May 2013 He will get the benefit U/s 54 if capital gain is arising on transfer of a residential house irrespective of number of houses are held by him.
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The restriction of not more than 1 house is prescribed U/s 54F, which is applicable when the asset transferred is other than a residential house.
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