I HAD SOLD 3 NOS. OF PROPERTIES IN THE YEAR 2007-08. I HAD GOT SHORT TERM CAPITAL GAIN. WILL I BE ELIGIBLE FOR ANY EXEMPTION ON SECTION 54
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CAPITAL GAIN
Replies (2)
Hi Amar,
You cant claim exemption as it is only for Long Term Capital Gains.
No, not eligible for exemption u/s.54. Please note that exemption u/s.54 is for capital gain on sale of Long term capital assets only i.e. also only for Residential House Property whose income is taxable under the head "Income from House Property".
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