09 November 2010
A residential property was mainly used for residential purpose and partly used for commercial purpose. This property was sold and in the sale deed it was mentioned as residential house. Suppose the assessee re invest in anoteher residential property Can he claim exemption u/s 54? or he is eligible for exemption only u/s 54F?
09 November 2010
You are eligible to get benefit u/s 54 as it is shown as residential property. if you already have one residential property & the sale proceeds of the property in question may be invested in residential property which also qualifies U/s54F
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