Sir, can a person avail benefit u/s 54 if he sell two flat at a time ?

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Sir, Please, guide if a person sell two of his flat ,which is in his name ,can avail the benefit of sec 54 for both the flat.
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As per IT act, LT capital gains from both the house properties being sold, is clubbed together and if invested in a SINGLE (joint properties can also be a single unit) residential house property, then the deduction u/s. 54 of both properties available.

Whether he can purchase again two house property or only one. As his capital gain is from selling two house property.

no he cannot purchase two house to claim the benefit of sec 54 assessee can invest in one house provided he already own not more than one house at that time.

no he cannot take benefit .. but yes for one can take u/s 54 and of another u/s 54F ..

CS PIYUSH JAIN

Sir,

 

       Both of theLT gain is from  selling  house property how can he avail 54F.

Since the property sold are residential flats hence deduction u/s 54F can not be claimed.Apart from that even for deduction u/s 54 it is allowed for the purchase of only one residential house(w.e.f A.Y. 2015-16) though one can invest LTCG of more than one residential house.

dear ashim .. u may have two options :-

1. sell both flats and purchase one HP and claim sec 54 of it.

2. sell one flat as ur residential property and other as investment (if such relates a case) and claim sec 54 for purchase one HP and claim sec 54F for purchase of another HP. As in order to claim exemption u/s 54 u have to sell "Residential Property" not HP and a person can be residential in one RP only and another HP can be treated as Investment HP to claim sec 54F.

Regards CS Piyush Jain

U can eligible to take exemption..

Condition of Exemption Under Section 54

  • This exemption is only for the individual/HUF.
  • The capital gain should be long term. This exemption is not available for short term capital gains.
  • You should buy the new residential property.
  • You must buy new property within 2 years of the transfer of old property. If you are constructing a new house, the exemption is relaxed for one more year i. e. 3 years.
  • You can also buy a new property before one year of the transfer of old property.
  • In case of compulsory acquisition, the period of acquisition or construction will be determined from the date of receipt of compensation (whether original or additional).
  • The exemption is available for only one residential house property. This is a new rule and effective from the assessment year 2015-16.
  • The exemption is available if a house is purchased within India.

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