a person has residential house in mumbai in joint ownership with wife the said person has another land with house on it in ahmedabad . now if person sale his ahmedabad property and buy another residential house whether he will be entitled to claim LTC exemption u/s 54 or 54F?
YES he will be entitled to claim exemption under section 54/54F of Income tax act provided capital gain is long term.
if the house property which has been sold is residential then 5 otherwise 54F
yes he is entitled to claim....
yes long term capital gain then assesse may also opt for exemption under section 54EC which is better option instead of sec.54/54F .
Is the property in Ahmedabad is a residential house property?. If it is so, the capital gain can be claimed as exemption u/s 54 or if the property is a commercial property the exemption will be u/s 54F.
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