18 January 2011
X is having an open plot ,it was purchased in the year 1998. Now X would like to sell it and purchase a flat . Presently X owned a flat and residing in it, now X is going to buy another one to claim the exemption from the LTCG u/s. 54f.
The 54f is some what confusing not clear. Please clarify my doubt., is X is eligible to claim exemption u/s54f.
19 January 2011
Possible, provided the net consideration is invested in another residential house either by way of purchase or construction with in the time frame prescribed in the said section.
19 January 2011
so even if you have one house owned then also you can claim the exemption provided you are complying with the time frame. the section is not clear on whether there is any restriction if you already have one house owned
Can you please explain the implication of proviso (b) under the section 54F?
Proviso (a)i and (b) appear to be conflicting.
Also can you please clarify whether the LTCG exeption will be applicable if the residential house already owned is rented and shown under 'Income from House Property'. i,e the assessee has one residential house which is rented?
Can you please explain the implication of proviso (b) under the section 54F?
Proviso (a)i and (b) appear to be conflicting.
Also can you please clarify whether the LTCG exeption will be applicable if the residential house already owned is rented and shown under 'Income from House Property'. i,e the assessee has one residential house which is rented?
CAclubindia
