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1. Amount on renovation of new house with cost of new house is also allowed u/s 54 ? |
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2. If i have already two house out of which i sold one house and purchase new house then in this case can i claim exemption of sec 54. |
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1. Amount on renovation of new house with cost of new house is also allowed u/s 54 ? |
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2. If i have already two house out of which i sold one house and purchase new house then in this case can i claim exemption of sec 54. |
Yes, to make it habitable.
Yes.
1.If the expenses on renovation has been capitalised then only the same shall be allowed along with the cost of the house u/s 54.
2. Exemption u/s 54 can be claimed only if the assessee puchases another house property before one year of sale of house property or within 2 years of the sale of the house property. Thus, we have to check the date of purchase of new house property.
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