Exemption U/s 54

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Abhay Pai (Querist)
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11 January 2011 I am a student.If I sell a residential house property on 22-03-2010. It was a Long term Asset. Further I also purchase another residential property on 26-12-2010. Can I claim exemption u/s 54 for the same ? I have not yet filed my returns as i have no other sources of income. Should I have invested in Capital Account Gains Deposit in order to claim exemption

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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11 January 2011 Yes You can claim exemption u/s 54 of the It Act.

If you are a minor, the income will be clubbed with your one of the parent and he can claim deduction u/s 54F of the Income Tax.

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Abhay Pai

Abhay Pai (Querist)
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11 January 2011 Is the investment in Capital Gains Account necessary

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Guest

Guest (Expert)

11 January 2011 You Should have invested in Capital Account Gains Deposit in order to claim exemption