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Can I claim simultaneous exemption of section 54 & 54F for one property

Hardik Kishorchandra Varia (CA) (42 Points)

22 October 2021  

I have sold my house for say Rs. 50 Lakh and sold old Jewellery for Rs. 25 Lakh and bought new house flat for Rs. 75 Lakh. Can I claim exemption u/s 54 & 54F simultaneously? If yes, In which proportion I can disclose value of new house property (Rs. 75 Lakh) in both of these sections in ITR.

 1 Replies

Kev Men (228 Points)
Replied 23 October 2021

Yes you can claim under section 54 and 54F simultaneously in any proportion so as to lower the capital gain cumulatively. This is after considering that all conditions in the above sections are fulfilled. For simplicity sake you can claim 50lakhs in 54 and 25lakhs in 54F.

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