SECTION 54 OF INCOME TAX ACT

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ASHISH KUMAR PATRO (Querist)
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23 December 2009 I HAVE SOLD A PROPERTY AND INCURRED CAPITAL GAIN, AGAINIST WHICH I HAVE PURCHASED 3 DIFFERENT PROPERTIES IN THE SAME YEAR. SO WHETHER I CAN CLAIM EXEMPTION U/S 54 ON THE TOTAL AMT OF THOSE THREE PROPERTIES OR FOR ONLY ONE PROPERTY??

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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23 December 2009 For only one property you can claim exemption u/s 54.

You are free to choose that property where investment is the highest.

ASHISH KUMAR PATRO

ASHISH KUMAR PATRO (Querist)
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23 December 2009 Thanks Sir,
sir if any releated case law is ther pls provide me taht.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 December 2009 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

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