21 February 2015
Dear experts One of my client had sold a residencial property and purchased a land and constructed a house . Can we claim exemption in sec 54 f .
21 February 2015
No. Your client can't get benefit of sec. 54F of the IT Act.
Condition is capital gain arising on transfer of any long term capital asset other than residential house then 54f is attracted subject to fulfilling other conditions.
How can your client take benefit of sec. 54f when sold asset is a residential property!
22 February 2015
Please advise me in which section the exemption can be claimed . He had sold a log term asset (house) and purchased a land . He has constructed a hose in that land . Please advise in which section th e exemption can be claimed .
CAclubindia
