54 and 54 f
Whether the assessee can claim exemption u/s 54 and 54F if the assessee has invested in one residential house?? if yes ?? pls provide with case law
Replies (1)
Q. Whether deduction u/s 54 is available for capital gains arising from sale of more than one house, however the sale proceeds are invested in one house?
There is no restriction placed in section 54 which restricts exemption only in respect of sale of one residential house. Even if assessee sells more than one house in the same year and the capital gains is invested in a new residential house, the claim of exemption cannot be denied if other conditions are fulfilled.
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