Reinvestment of long term gains u/s 54

Sam,

There is nowhere mentioned in the provisions that the purchased house should be self occupied to get the LT exemption.

The provisions talk about type of investment precisely. Hence no need to worry if you have followed the timelines specified in the section.

Thanks Suri, greatly appreciate your response.  My CA feels that the property needs to be self occupied in order to apply the funds earmarked as LTCG.  As per her we will have to pay 30% tax on the LT portion.

I am getting a lot of conflicting views on this.  Can you point me to an article or paper that can provide more clarity on this.  Once again thanks for your help.

Regards,

Sam

Sam,

I am surprised to see a CA advising so.  :)

I am enclosing a pdf Doc wherein  refer to Sec 54 at the top section. There is no condition abt the self occupancy.

Carry the same PDF to your CA or else go for a second opinionwith another CA. From my point of view, you dont need to worry if you have followed timelines. 

Suri.

Attached the PDF File.