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long term capital gain
I am in receipt of LTCG on account of transfer of residential house/flat. But before 7-8 months of transfer of said property, I have purchased row house for residential purpose. Should I am eligible for exemption under section 54 & If yes, is it necessary to claim such exemption in return of income.
Replies (5)
yes you are eligible for deduction under 54. but the deduction is allowed on account of only one residential unit.
Thanks Sir, but is it binding on me to disclose LTCG in ITR and then claim exemption us 54 on it.
yes ... it's mandatory... disclose and either pay capital gain tax or claim deduction
Thanks a lot Sir
you are always welcome Mr. Vishal
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