Section 54

Originally posted by : neha
	As per Section 54 i get an exemption if i purchase a new residential house property, My query was whether I can let out such House Property and if I can Let it out whether it can be used for Commercial purpose. Is it necessary for  the property to be a residential property?

Hi Neha,

You can let out such property but only for residential purposes and not for Commercial purposes...as it is clearly written in sec 54 that exemption is only availaible for purchase or construction of Residential house property......

yes it is important that  it should be a residential property but it does not make a diffrance that  you let out that property for commercial purpose..still you will get deduction u/s 54

hi neha

I studied about this and found out that for taking exemption you cannot let out your house for any purpose.

you can read about this in Direct tax ready reckoner written by Singhania Sir. and i m sorry for my last comment which is wrong....

_____________

shreeharipriya nayak

 https://www.puffingroups.com