Assessee has sold his Residential property acquired by will during F. Y. 2013-14.
He has acquired 2 flats at different places out of sale proceeds of above.
Whether cost incurred for acquiring two flats will qualify for exemption/deduction u/s. 54 or cost incurred for any one out of 2 flats will qualify?
As per my knowledge...
If assessee can proove that both the flats are adjacent and he can make necessary modifications to make it one residential property. He can avail excemption for the both the flats...
If both flats are individual, he can avail for any one of the property at his option.
In this budget, it is decided that exemption u/s 54 can be claimed on purchase of only one property from the sale.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
