Capital Gains

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saby (Querist)
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29 March 2011 Hi!

I have recently sold an ancestral property, to save on tax i heard that i have to invest in an residential property within a year, the issue is that i already own an residential property in maharashtra in my name,

the question is can i purchase a residential property in another state of india and save on tax

thanks in advance

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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29 March 2011 Hi,

You could claim the benefit of Sec 54.

The condition in Sec 54 apart from others is that, there should be a sale of Residential HP & a purchase of Residential HP.

As long as the Residential HP which you sold is in your name ( whether aquired or purchased by self )you could claim the benefit.

There is no conditions unlike Sec 54F.

Thank you,

Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons.