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sec 54
An assessee has 2 flats(long term capital asset) which he wants to sold, and purchase new one flat within 1 year...is benefit u/s 54 available for both flats...??
Replies (4)
Yes, when the capital gains of both the flats reinvested in a residential property, within stipulated time period.
you can also invest maximum 50lacs in capital gains bonds of NHAI or REC if balance any remaining after investing in residential house property
agreed with dhirajlal sir
Section 54 of the Income Tax Act provides the seller of a residential property with relief from capital gains tax, if the proceeds from the sale are used to acquire another residential property.
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