Section 54f
This query is : Resolved
Anand Modi
(Querist)
26 May 2014
Dear Friends,
If at the time of Transfer Assessee owns only one Residential House and purchased another house and claim section 54F deduction.
However after purchasing 2nd house if assesse purchases another 1 or 2 houses within 1 year then whether the deduction is to be reversed. and if yes then in which year ?
Please also provide some logic...
Thanks and regards
If at the time of Transfer Assessee owns only one Residential House and purchased another house and claim section 54F deduction.
However after purchasing 2nd house if assesse purchases another 1 or 2 houses within 1 year then whether the deduction is to be reversed. and if yes then in which year ?
Please also provide some logic...
Thanks and regards
27 May 2014
Deduction need not be reversed. Instead, the capital gains originally exempted shall be offered as LTCG in the year in which another 1 or 2 house is purchased.
Rupesh Jain
(Expert)
27 May 2014
yes you to have to pay tax on deduction you already taken and pay tax when new property you buy.
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