Section 54 - Exemption
This query is : Resolved
02 January 2010
Respected Sir,
Can an Assessee claim exemption u/s. 54 by selling one long term House Property and purchasing 2 House Property at different places?
Can he claim the exemption for both the House or any one of them?
If possible plz. give the reference of the case laws?
Can an Assessee claim exemption u/s. 54 by selling one long term House Property and purchasing 2 House Property at different places?
Can he claim the exemption for both the House or any one of them?
If possible plz. give the reference of the case laws?
02 January 2010
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
K.C. Kaushik v. P.B. Rane, ITO [1990] 84 CTR (Bom.) 62
02 January 2010
Can Exemption for both Houses be claim against sale of One House?
In this case 2 Houses Purchase are at different places.
In this case 2 Houses Purchase are at different places.
02 January 2010
Yes, you can claim exemption for both house. Section 54 used the word "a house property" and not "one house property". Here "A" is synonymous with "any".However there is various debate is going one. If you want to be on safe side you claim for only one house. However you calim for two house it is also acceptable at higher level.
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