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Sec 54 capital gain
Can we claim exemption more than capital gain if cost of new asset/investment is more than net consideration.
Replies (5)
If cost of new house is more than capital gain than entire capital gain will be exempted.
If the amount of capital gain is more tha cost of new house than the cost of new house will be exempted.
agreed with above
agreed with shishirji
Can a person claim exemption u/s 54, if he sells 2 residential property and invest entire money in one residential property?
Can he get exemption for both the house?
There is no restriction placed in section 54 which restricts exemption only in respect of sale of one residential house. Even if assessee sells more than one house in the same year and the capital gains is invested in a new residential house, the claim of exemption cannot be denied if other conditions are fulfilled..
But restriction is you can avail exemption amount invested in one house property.
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