Exmeption u/s 54 of the income tax act
This query is : Resolved
18 February 2016
I am a owner of 2 residential Properties. I have sold one residential property and purchased another Residential Property with 2 years from the date of transfer. shall i claim Exemption u/s 54 even I am owner of 2 residential properties at the time of transfer..??
18 February 2016
The Income Tax Act 1961 permits an assessee to have two residential properties for self occupation. Section 54 talks of exemption from long term capital gains on sale of a residential house and re-investment in a new residential house. Therefore prima facie you can claim exemption if the sale is of a residential house and the purchase is 0f a new residential house, even though you own another residential property.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Inventory of finished goods
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Filing of Form 10BB instead of Filing Form 10B
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Ineligible ITC claimed
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
