In order to claim exemption on Capital Gains, my client has invested the sales consideration for purchase of 11 flats, however he has only 1 sales agreement showing purchase of 11 flats. Can he claim exemption?
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Capital Gain exemption u/s 54F
Replies (2)
Dear Rachana...
I don't think 54F exemption will be allowed for 11flats eventhough - one sale agreement....
54F talks about investment in One residential house and not pur/const with one sale agreement....
Moreover i think the assessee cannot prove that all the 11 flats constitute a single res. house...If he is able to prove he may get the exemption....
Dear Rachna,
Sec 54 F requires only 1 House property, therefore this exemption cannot be claimed...The fact that all House Properties were purchased via single agreement has no relevance..
U can look for Sec 50 EC - Investment in REC, NHAI Bonds upto Rs. 50 Lacs (to be made within 6 months from the date of tranfer)
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