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exemption u/s 54

Sowmya.S.Balan (Paid Assistant) (749 Points)

05 May 2011

dear friends

assessee tranfers residential house and purchase another residential house within 6 months. But he has two other residential houses at the time of transfer & purchase of new one . Can he claim exemption u/s 54

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6 Replies

Sathya Sankeerth K N (Chartered Accountant) (429 Points)
Replied 05 May 2011

As far as Sec 54 is concerned, assesse should not own more then one residential house on the date of transfer of the original asset, exclusive of the one purchased for claiming exemption under this section i.e. section 54F

(Guest)

Sec.54 exemption for residental house

assessee can claim exemption u/s 54, provided the new asset should not be transfered withing 3 yrs form the date of its acquisition. if the new asset is transfered within three yrs the exemption will be withdrawn.

C.Balaji (Learner) (1867 Points)
Replied 10 June 2011

Exemption u/s 54 can be claimed....

Sec 54F only deals with more than one Residential house restriction...

The Assessee can transfer the residential and invest in another Residential house and claim exemption u/s 54.

Amit (Accountant) (261 Points)
Replied 11 June 2011

Originally posted by : Sowmya.S.Balan
	dear friends assessee tranfers residential house and purchase another residential house within 6 months. But he has two other residential houses at the time of transfer & purchase of new one . Can he claim exemption u/s 54