Can anyone help me in solving out 1 geniune question in regards to the Section 54 and 54F of the Capital gain chapter, which is as follows:
EXAMPLE:
If one Individual holds 3 Residential houses in its name and out of that 1 residential house if it solves out,
Then whether he/she can claim deduction u/s. 54 or 54F, by purchasing one more residential house.
And if not can you please elaborate the Section 54 and 54F.
Thanking you.
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In regards to the Section 54 and 54F of the Income tax act.
Replies (3)
Quick Summary
Yes, LTCG earned by selling a residential house property can be exempted u/s. 54 of IT act, by purchase/construction of another residential HP, as specified under the subsection.
Sec. 54F is applicable when any asset other than residential house property is sold.
I reside in a jointly owned residential house A with my brothers, where I barely have a room to live. All of them have multiple rooms. 3 months back, i sold a jointly owned residential plot B (with my brothers). Now, i want to buy a flat/ apartment C to reside. Can I claim capital gain exemption under sec 54 with respect to B & C. If yes, can i use sale proceeds from B elsewhere & use a home loan instead for C? Thanks in advance
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