Section 54f

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Anand Modi (Querist)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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

Rupesh Jain (Expert)
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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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