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captial gain
one of my friend had sold flat and open land and made investment in another flat.my query is in which section he can get benefit of exemption whether under section 54 or 54F or both sections
Replies (2)
54F is for selling any capital assets other than residential house & investing in residential house.
54 is for selling residential property & investing in residential property.
so 54F is applicable to ur friend
54 is for selling residential property & investing in residential property.
so 54F is applicable to ur friend
open land is not fall in definition of residential house but it is capital asset so u can use section 54F for CG if land and 54 for CG for flat first applied 54F because in this section deduction is proportionate.
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