Section 54 of income tax act, 1961
This query is : Resolved
CA Jitender Yadav
(Querist)
09 February 2013
capital gain section 54
Soumitra Basu
(Expert)
10 February 2013
EXEMPTION IS NOT AVAILABLE
CA.Sourabh Sethia
(Expert)
11 February 2013
pls clarify the building which is sold is flat or a complete building structure ?? and if the same consist flats is any flat is in your possession. ??
Dhirajlal Rambhia
(Expert)
18 August 2023
Under Section 54 of the Income Tax Act, any individual or HUF who is selling a residential property can avail of tax exemptions from the capital gains in case the capital gains are invested in the purchasing or construction of a residential property.
The conditions that require to be fulfilled for availing the benefits of this particular section are jotted as follows:
The asset must be classified as a long-term capital asset.
If the asset sold is a residential house, the income from such a house should be chargeable as per the income generated from House Property.
The property seller should have necessarily purchased a residential house either two years after the date of transfer/sale or one year before the date of transfer/sale.
The residential house should necessarily be within India. The seller cannot purchase any residential house out of India and the claim for this exemption.
The conditions that require to be fulfilled for availing the benefits of this particular section are jotted as follows:
The asset must be classified as a long-term capital asset.
If the asset sold is a residential house, the income from such a house should be chargeable as per the income generated from House Property.
The property seller should have necessarily purchased a residential house either two years after the date of transfer/sale or one year before the date of transfer/sale.
The residential house should necessarily be within India. The seller cannot purchase any residential house out of India and the claim for this exemption.
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