Exemption U/S SEC54 54F

328 views
User Avatar

na
175 Points Posted on 08 August 2020
A house and land is sold in same financial year can a individual claim exemption under sec 54F and sec 54 by purchasing/constructing one house.
0 Reply Share Follow
On 08 August 2020 at 16:38 Report
Replies (5)
Quick Summary
This discussion explores whether an individual can claim tax exemptions under both Section 54 and Section 54F of the Income Tax Act when selling both a residential house and land within the same financial year. The consensus is that exemptions can be claimed under respective sections for each sale, provided the investment in a new residential property meets the criteria for both. However, investing in only one new property might violate the conditions for Section 54F.

User Avatar

Practice
4510 Points Posted on 08 August 2020
Originally posted by : vishal
A house and land is sold in same financial year can a individual claim exemption under sec 54F and sec 54 by purchasing/constructing one house.

Claim Exemption under section 54 in case of sale of Residential House 

Reply
On 08 August 2020 at 17:03
User Avatar

226 Points Posted on 08 August 2020
Exemption u/s 54 is available in case you sell residential property and Buy residential property.
For claiming exemption you must check you don't own more then one House property.
Exemption is available of a house you bought 3 years back or constructed 2 years after selling the property.
Reply
On 08 August 2020 at 17:23
User Avatar

na
175 Points Posted on 08 August 2020
My question was that if residential house is sold we can claim exemption under sec54 by purchasing residential house and if land is sold we can claim exemption under sec 54 f by purchasing residential house now the scenario is that if both residential house and land is sold can we claim exemption for both together under sec 54 and 54 F by purchasing/constructing one residential house only.
Reply
On 08 August 2020 at 17:38
User Avatar

226 Points Posted on 08 August 2020

There is no such provision ristricting you from claiming exemption under both sections at same time (even for different properties).
Therefore you can claim exemption under Respective sections.

1 Reply
On 08 August 2020 at 17:43
User Avatar

12244 Points Posted on 09 August 2020
There's no restrictions to claim 54 and 54f unless you invest in single house property. if you invest in two house properties section 54f will be violated
Reply
On 09 August 2020 at 02:09

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Bank balance in ITR-3
  2. INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
  3. Tempsens Instruments IPO GMP Allotment Listing dat
  4. Upload Type - Correction. Not showing in TDS filli
  5. Partnership tax audit query
  6. ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
  7. Form 146 foreign remittance us citizen
  8. GST 16(2) notice
  9. Which GSTR-1 upload error do you hit most often?
  10. Need advice regarding accounting fees

More recent discussions | Post

Related Topics :

Loading