Section 54f of income tax act.
This query is : Resolved
25 June 2014
An assessee sells more than one land and earns LTCG out of the sale.He invests the proceeds in one residential house property.
Whether he can claim exemption u/s.54F? Please cite me with a case law..
Thank you
Whether he can claim exemption u/s.54F? Please cite me with a case law..
Thank you
Nikhil Kaushik
(Expert)
26 June 2014
ITAT Mumbai bench judgment in the case of [DCIT v. Ranjit Vithaldas [2012] 23 taxmann. com 226 (ITAT-Mum)] should help you. though it is section 54 judgment but the principal should apply.
Rupesh Jain
(Expert)
26 June 2014
it is exempt only for one land gain. pls wait another expert response.
Nikhil Kaushik
(Expert)
26 June 2014
Not necessary...enough legal precedents for the same...
04 July 2014
yes in my opinion allowed to take exemption in this case u/s 54F.
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