Captial Gains
This query is : Resolved
16 July 2009
Hi,
Please help me out on this issue which is very urgent.
An assessee has sold his 2 residentail house properties one in mumbai and the other in bangalore and purchased a new house in bangalore. My question is that can he get capital gains exemption u/s 54 of the act or any or exemption which makes capital gains exempt
Please help me out on this issue which is very urgent.
An assessee has sold his 2 residentail house properties one in mumbai and the other in bangalore and purchased a new house in bangalore. My question is that can he get capital gains exemption u/s 54 of the act or any or exemption which makes capital gains exempt
16 July 2009
He can get the excemption U/s 54 to the extent of investment in the new house of banglore.
16 July 2009
In this case the hopefully the exemption should be allowed, however the language of the section 54 says that the exemption will be given to a person who owns a residential house. The word a residential house is sometimes is read "One Residential House", in this case the assessing officer may litigate on this point..
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