Dear Friends..
I have a query regarding Capital Gain.Please give your suggestions-:
A Person sold ROOFTOP of house and purchased a Residential House Property. Under which section of Income Tax Act,1961 he can claim exemption??
54 or 54F?
Give reasons for your answer also.
Thanks.
I think it should be exemption u/s 54F, because rooftop cannot be used as a residential premises, and is likely to be used for commercial purpose such as mobile towers or advertisement hoardings or for mandap keeping.
Wait for others to reply.
CAclubindia
