CAPITAL GAIN ON SALE OF RESIDENTIAL HOUSE PROPERTY

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2010 A person owns 2 house property - 'A' & 'B'.

He sells property 'A' for a total consideration of Rs. 10,00,000/-.

The asset was purchased in 1997 for Rs.2,50,000/-.

Will he qualify for deduction u/s. 54F of the Income Tax Act,1961?

Please Help!

Thank You in advance!
Vaibhav

Aditya Maheshwari

Aditya Maheshwari (Expert)
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12 July 2010 U can claim exemption in both section 54 & 54F.

Condition for Section 54F is that u should not have more than 2 house property at the time of sale including the property being sold.