Capital Gain exemption u/s 54 on sale of property used for residence is available to individuals and HUF if the Capital Gains arising from sale of "house property" is applied to purchase another "house property" within the defined period for buying / construction. How many properties can be owned by the assessee to avail exemption under Section 54? Can these be more than 2?
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Capital gains exemption on sale of house property
Replies (4)
Chahe 1 bech k 2 ya jyada kharido ya 4 bech k 1 kharido doesn't matter. Even no need to buy/construct new house at ur own name and you can also construct new house on the floor of existing house subject to it should be a house and not a single room/hall.
In recent case laws court hs accepted that exemption can b taken by investing in more thn 1 house
You won't be getting exemptions for more than 2 houses at the time of purchase of new house (2 houses including the new house).
Mr. Pratik here we r talking about sec.54 and not 54F.
Here longterm house property is selling to buy another h/p.
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