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Section 54 of income tax act
I sold my residential house for Rs. 3000000/- in AY 2015_16 and deposit the sales proceeds in my Saving Account. In AY 2016_17, I purchase one Residential Flat with my Son and Daughter in Law. I invest Rs. 34 Lakh in that Flat as my Share. Is the amount taxable or under which section I can get relief i.e. Sec 54 or 54F or 54 EC. Which ITR I should used for AY 2016_17
Replies (1)
There was taxable capital gain in AY 2015-16. For gaining exemtion u/s. 54, you should have deposited the amount in Capital Gains account before filing return. If you have already invested the amount in second flat, and if the gap between both the transections is not more than 12 months, may try to get exemption u/.s 54. in AY 2016-17
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