banner_ad

Exemption u/s 54

Tax queries 561 views 1 replies

A QUERY REGARDING EXEMPTION U/S 54

 

A ASSESSEE SOLD A BUNGLOW AND 3 NEW FLATS UNDER WHICH 2 FLATS ARE HAVING SINGLE REGISRTY AND 3RD FLAT HAS DIFFRENT REGISTRY.

 

THE 3 FLATS ARE SITUATED ON SAME FLOOR. TWO ARE ADJACENT AND 3RD AFTER LIFT.

 

CAN ASSESSEE CLAIM DEDUCTION U/S 54.

 

PLEASE SOLVE QUERY WITH RELEVANT CASELAWS.

THNKS IN ADVANCE

Replies (1)

SECTION 54 IS AVAILABLE IN RESPECT OF LONG TERM CAPITAL ASSETS.

YOU HAVE MENTIONED THAT HE HAS SOLD 3 NEW FLATS - I ASSUME THAT NEW MEANS NOT OLDER THAN 3YEARS.  HENCE 54 WILL NOT BE AVAILABLE.

IF BANGLOW   IS  A   LONG TERM  CAPITAL ASSET -CAPITAL GAINS ARISING OUT OF IT MAY EXEMPT U/S 54. 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details