Exemption under Sec. 54 and 54 f

This query is : Resolved

Virendra Deshpande (Querist)
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11 November 2020 An assessee had residential cum commercial property. One Residential house and shops in the same building. During FY 2019-20, he sold the property and bought 2 residential flats at different locations. can he take the benefit of Sec 54 and 54 F for the above capital gain ? Benefit under Sec 54 for capital gain arising out of sale of residential house and benefit under section 54 F for capital gain arising out of sale of commercial property ( shops ) ? what additional information needs to be shown in Income Tax Return ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 November 2020 Yes, benefit of Sec 54 and 54 F for the above capital gain can be claimed. File ITR 2 show disclose sales, capital gains and purchases.