Applicability of section 54 and 54f of it act,1961

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PAVANKUMAR KULKARNI (Querist)
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04 January 2016 Dear Members,
Kindly resolve this at the earliest. It's quite urgent...
If I have Capital Gain on sale of house property Rs.50,000. and Other long term capital gain Rs. 50,000. If I invest Rs. 75,000 on construction of new HP within specified period, can I claim Rs. 50,000 as a deduction u/s 54 and remaining Rs. 25,000 as a deduction u/s 54F?

Thank you for your guidance (in advance)!!!

praveen

praveen (Expert)
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04 January 2016 In my opinion you can claim both the deductions. There is no clause that prevents you from doing that. if you read each of the section independently there is nothing mentioned about claiming deduction like you have mentioned in the query.