Sale of flats in urban area
Exemption: Section 54 can be claimed if they are investing in the Land or Building within 2 years OR construct the building within 3 years after Sale date
But the Assessee is already having
3 Own buildings in urban area
Can the Assessee claim exemption under section 54
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Capital Gains exemption 54 Section
Replies (4)
Quick Summary
YES.
There is no such restriction u/s. 54 of IT act...
Only Land can be purchased right through sale of flats
Exemption u/s. 54 can be availed only by purchase/construction of a residential house property, within stipulated time period.
Just land purchase, would not be eligible for deduction, unless house property is constructed over it within 3 years.
Ok Sir thanks
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