Sunny (Self) (25 Points)
28 November 2022kindly help me in clarifying my doubts about exemption 54:
1. does it apply for vacant plot of land? agricultural land?
2. can you sell 5 properties for example to avail exemption upto 2 crores?
3. can reinvest in maximum 2 new properties? if you already have 5 properties, what happens?
4. you have property A for 5 years. you gift it to a family member and they immediately sell it. can they avail exemption 54 on sale of property A?
thank you.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195760 Points)
Replied 28 November 2022
1. No
2. You may, exemption can be claimed by sell of HPs.
3. No problem. You can get exemption. But for investment in 2 HPs, its once in lifetime.
4. Yes, eligible.
sabyasachi mukherjee
(27858 Points)
Replied 29 November 2022
CAclubindia
