If An Individual is having a property in a industrial area and he uses its basement for official purposes but uses upper floors for residence and sells the entire property ,also he invests into a residential property ,would the amount of capital gain on transfer of the said property sold be exempted under section 54..
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Section 54 Income Tax
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I think Ex u/s 54 can be claimed only in respect of that portion of Cap Gain, which is applicable to the upper floor, apportioned between office and residential portion on the basis of plinth area or on other reasonable grounds.
Therefore, u’ll get exemption only upto the apportioned Cap Gain of the upper floor, which was used as a residence.
It is not a matter as to the place where the property is situated..
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