Capital Gain

Tax planning 795 views 2 replies

According to sec 54 if sale proceeds of one house is invested in Another house property then no capital gain tax is attracted. And according to Sec 54 F if Proceeds of any long term assets sale is invested in residential house then capital gain tax is not attracted.

 

assets I want to sell

House -market prise 70,00,000

Unlisted shares -MP 37,00,000

If I sell both of thease assets, and form their sale proceeds purchase new Residential house for1,20,00,000

can I take advantage of both sections simentiounsly i.e. Sec 54 & 54 F

 

Replies (2)

Hii Sir,

 

As you asked, you can invest the proceeds from both the sale of residential property as well as from the shares in a new residential property and avail the exemption under sections 54 & 54F. there is nothing in the act that restricts such investment.

Good question..

As it is nothing mentioned in the act about the availability of both the Section i.e. 54 and 54F.

you can claim exemption from both of them but see the amount araising on both the case should be limited on sale proceed under different section.


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