08 November 2013
My client has sold a vacant land for Rs.50.00 lakhs during the previous year 2012-13 and purchased same year two residential house one is for Rs.30.00 lakhs and another is for Rs.20.00 lakhs and he does not own any residential house at the time of sale of vacant land. Can he claim exemption both residential house us 54F
08 November 2013
Term " a Residential Property" Found in section 54F hence Two Properties the AO Will Disallow one Property..( Mostly the 30 lakh one) !! ( Its Better You claim 30 Laksh alone for Exemption)
Some Case Laws Held as Residential units in same address is combined i.e first floor and second floor or Duplex Flats Can be Considered as One REsi Property
CAclubindia
