Sec 54 capital gains benefit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2012 If a person owns many residential properties and sells one residential property, can he reinvest in another residential property adequately within the stipulated period and claim the tax benefit ?

CA.rajni kalsariya

CA.rajni kalsariya (Expert)
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12 April 2012 yes person can invest in another res.property and claim tax benifit.

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Mihir Doshi

Mihir Doshi (Expert)
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12 April 2012 Section 54 will be applicable here to get the benefit of Capital Gain.

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CA Kishore Tallam

CA Kishore Tallam (Expert)
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12 April 2012 Yes, subjected to one condition that the residential property which is sold by that individual shall be a long term capital asset. As per Sec 54, if a LT house property is transferred and the capital gains are invested for purchase / construction of a residential property within specified time, then such CGs are exempt from tax.