exemption under sec.54f

This query is : Resolved

CA Abhishek Singh (Querist)
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20 February 2010 hello everyone

one of our client has two residential house property one let out and one self occupied. both flats are in joint name.

he has sold the letout property . can he claim sec.54f exemption if he purchases another house property within the prescribed time.

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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22 February 2010 Yes, he can because as said in this section that assessee should not owned more than 1 residential house property except new purchased.

Here, because if sold 1 property then he will have only 1 house property on the date of transfer/sale of House property in his hands so he can claim exemption u/s 54F.

Regards!!!
Dinesh S. Adhikari