Sriram (Project Manager) (28 Points)
06 April 2015If I own a Property "A" (Residential) and Property "B" (let out) and I decide to sell Property B (after 3 years-long term) and then re-invest the entire proceeds (including capital gains) is another Property "C", will the Capital Gains be exempt u/s 54?
(Or is it that, since I already own another Residential Property "A", the exemption will not be available? )
Shishir Nayak
((Expert))
(369 Points)
Replied 06 April 2015
Yes you can avail exemption under section 54 whether you own one or more house property.
Section 54 says you can avail exemption if the amount is invested in 1 residential house in India. So there is no provision u/s 54 that you cannot own more than one house property.
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13989 Points)
Replied 10 April 2015
Yes that restriction is under section 54F and not under section 54.
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