Capital gain

This query is : Resolved

ramnath ganesh subramaniam (Querist)
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01 February 2015 Dear sir
One of my client is selling a landed property and purchasing a residential property. Kindly advise , in which section the exemption to be claimed.

Nikhilesh Kataria

Nikhilesh Kataria (Expert)
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01 February 2015 Dear Sir,

In such case, exemption can be claimed u/s 54F of the Act. This covers the situation where the assessee sells any capital asset other than the residential property. For claiming full exemption you have to invest entire sell proceed otherwise you will get proportionate exemption only

Section 54 is applicable only where the assessee sold any residential property and purchases another residential property