Mr.X owns 3 Commercial properties which he has given all for Rent.
He also sold another vacant land and invested in another residential property and wants to claim exemption u/s 54F.
Section 54F states that assessee should not own more than one residential house property at the time of transfer for claiming exemption.
My question is whether the assessee can claim exemption from Capital Gain u/s 54F as he owns commercial property????
NO HE CANNT CLAIM 54F EXEMPTION AS U SAID,
IT SAYS,
Any long term asset (other than a residential house property ) provided on the date of transfer the taxpayer does not own more than one residential house property from the assessment year 2001-02 (except the new house)
Yes you can claim exemption u/s 54F, because the section talks only about residential properties. As you are owning commercial property & not residential property you can get the benefit of 54F.
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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