Simultaneous Exemption U/S 54 & 54 F

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suren (Querist)
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15 September 2021 The assessee had long term capital gain on sale of House property in March 2019 and invested the gain in CGAS account before due date of filing return. He purchased new property in January 2021 and reinvested from CGAS Account. The cost of the new property is much higher than the long term Capital Gain reinvested. For the shortfall in amount he invested from his savings and investments. He sold certain long term debt funds and entire proceeds is reinvested in buying the house property. He does not own any other property except the one purchased in January 2021. He has earned long term capital gain on debt funds redeemed during the FY.
As he has invested entire sale proceeds of debt funds redeemed in house property he is eligible for exemption u/s. 54F. Is my view correct?
As he has used CGAS account balance also u/s. 54, can both deductions be claimed in the same assessment year? All the conditions laid down u/s 54 and 54 F are complied with.
Kindly advise.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 September 2021 Yes. He can claim both the deductions u/s. 54 & 54F simultaneously.

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