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Section 54f
'A' is the owner of two residential property.both properties were purchased in 1995.now A is selling his one property.Obviously long term capital gain would arise.now question is that is A entitled to get exemption u/s.54F as he is already owner of one house..
Replies (3)
Gains may be exempted
u/s 54: Investment in House property
and u/s 54 EC: investment in NHAI/REC Bonds,
subject to prescribed conditions being followed.
Sec. 54F won't apply.
Can A get exemption?.....as he is the owner of one house propert already...
Nope. Existing ownership doesn't qualify for claiming exemption.
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