The Assessee has sold (1) 0ne flat which was self occupied (2) land . Now he has started the construction of a single residential house using the sale proceeds from (1) & (2). Here he wants to claim both (1) & (2) u/s : 54 & 54F respectively.
My query is
Whether the assessee can claim both the above (1) & (2) ie Sec 54 & 54F towards the construction of the single residential house.
Would appreciate if you could give a valuable feedback
Thanks in advance
Tejashwini Ram
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Direct tax
Replies (2)
Sale proceeds from Flat can be used in acquiring residential property and thus he can avail exemption U/s 54.
Sale proceeds from Land (which is not Residential property) can be used in resindential property and thus he can claim u/s 54F too.
There is no expressed/ implied provision making 54 and 54Fmutually exclusive. The only condition is The exemption u/s 54F shall be available only when the assessee does not own more than 1 Residential House Property on the date of transfer of such asset exclusive of the one he has bought for claiming exemption under section 54F.
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