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Residental Property Sec 54

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kumar rajat

285 Points Posted on 19 April 2023

A person has 6 residential properties and he sells one of them and buys another residential property with the capital gain from that property. That he can take the benefit of this capital gain under sec 54.

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Quick Summary

Section 54 of the Income Tax Act allows individuals to claim capital gains tax relief when selling a residential property. If you reinvest the capital gain from selling one home into purchasing another residential property, you can benefit from this exemption. There are no limitations on the number of properties you can buy to qualify for this relief.