Section 54 : Residential Plot Sale
This query is : Resolved
aaogay jab
(Querist)
30 January 2023
I reside in a jointly owned residential house A with my brothers, where I barely have a room to live. All of them have multiple rooms.
3 months back, i sold a jointly owned residential plot B (with my brothers).
Now, i want to buy a flat/ apartment C to reside.
Can I claim capital gain exemption under sec 54 with respect to B & C.
If yes, can i use sale proceeds from B elsewhere & use a home loan instead for C?
Thanks in advance
3 months back, i sold a jointly owned residential plot B (with my brothers).
Now, i want to buy a flat/ apartment C to reside.
Can I claim capital gain exemption under sec 54 with respect to B & C.
If yes, can i use sale proceeds from B elsewhere & use a home loan instead for C?
Thanks in advance
Dhirajlal Rambhia
(Expert)
30 January 2023
1. Yes, you can buy apartment C & can claim exemption u/s. 54F of IT act. (with just having joint property A).
2. Yes, still you will be eligible to claim the exemption, subject to time period specified in the act.
2. Yes, still you will be eligible to claim the exemption, subject to time period specified in the act.
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