One flat was purchased in 2006. Second flat was purchased in 2009. The second flat was sold in 2014 and the amount re-invested in one housing property. In this transaction, the benefit of section 54 was availed.
Now, the first property purchased in 2006 are being sold and the amount will be re-invested in one housing property.
Whether the benefit of section 54 available for the transaction or not
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Section 54
Replies (3)
Yes benefit of section 54 is availanle
You can get exemption of sec 54F.
Thanks,
but in section 54F, there is restrictions that the assessee should not have more than one residential house other than the new asset on the date of transfer of the old asset. in this case, the assessee having one flat I.e. for self use and other flat I.e. old asset which are being transferred. whether the restriction apply here ?
but in section 54F, there is restrictions that the assessee should not have more than one residential house other than the new asset on the date of transfer of the old asset. in this case, the assessee having one flat I.e. for self use and other flat I.e. old asset which are being transferred. whether the restriction apply here ?
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