If i sell a land at one place and sell a house situated at other place and want to purchase a single big house, can i avail exemptions u/s 54F & 54!
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Capital gains
Replies (4)
yes if residental house purchased then take deduction
dear fazil ahmad
First of all state whether land sold is agricultural or not, if the land sold is agricultural there is no question of deduction U/s 54.
as you said you want to purchase new big house, that should be purchased within 2 years from the date of sale house property obtain the benefit of section 54, the new house bought by you should not be transferred before 3 years otherwise the deduction previously allowed will be withdrawn.
Non-agricultural land!
AGREE WITH MR. CHAUHAN
YOU CAN CLAIN EXEMPTION OF NEW BIG HOUSE U/S 54/54F
YOU MUST HAVE TO BUY THAT HOUSE WITHIN 2 YEAR FROM THE DATE OF SALE OF PROPERTY.
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