if an assessee sells a residential property within three years of purchase after availing tax exemption under section 54F and then buys another residential property. Whether since assessee invested sae proceeds of second house again in purchase of new house residential house with in period of two years, the exemption can still be maintained ?
Menu
Section 54F exemption on reinvestment
Replies (2)
As per my opinion first new house was sold within three years, the exemption claimed under Section 54F would be withdrawn. It means capital gains from the original sale would become taxable in the year in which the first new house was sold, irrespective of the subsequent investment in another residential house. But i also recommedated to you consult more professional.
Read more conditions of sec 54f
Recent Threads
- Articeship Form 107
- TAN for Multiple States
- Delivery Challan serial number Issue and return ru
- After filing form 71 For TDS mismatch
- UNCLAIMED TDS REFUND QUERY
- Rcm payable which head
- Query of GST
- Long Term Capitalgains on sale of residential prop
- How Salaried Individuals Can Reduce Capital Gains
- NSTPI registration
Related Threads
CAclubindia
