Section 54
This query is : Resolved
02 February 2010
Mr X has earned Rs. 500000 as long term capital gain on transfer of his self occupied house property. He wants to purchase two different residential house by investing the capital gain.
Mr. X wants to know that whether he is eligible for Deduction under section 54 of income tax if he invest the capital gain in two properties.
Please suggest it is urgent.
Doubt: as per section 54 deduction is eligible for a residential house property if acquired or purchased. so is it applicable for one house or there is no as such limit and assessee can invest his capital gain in as many house as he can?.
Mr. X wants to know that whether he is eligible for Deduction under section 54 of income tax if he invest the capital gain in two properties.
Please suggest it is urgent.
Doubt: as per section 54 deduction is eligible for a residential house property if acquired or purchased. so is it applicable for one house or there is no as such limit and assessee can invest his capital gain in as many house as he can?.
02 February 2010
Permitted to reinvest in one residential house property only.
In case the assessee has purchased more than one house/flat within the period prescribed in section 54, it is for the assessee to claim relief against the purchase of any one of the house/flat provided the other conditions mentioned in the section are satisfied.
K.C. Kaushik v. P.B. Rane, ITO [1990] 84 CTR (Bom.) 62
In case the assessee has purchased more than one house/flat within the period prescribed in section 54, it is for the assessee to claim relief against the purchase of any one of the house/flat provided the other conditions mentioned in the section are satisfied.
K.C. Kaushik v. P.B. Rane, ITO [1990] 84 CTR (Bom.) 62
02 February 2010
Mr. Chackrapani is right
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