16 March 2013
suppose mr.P hold a residential house property in year 1961-62.he transfer his house property to his sons a & b then, they registered the house in their name.now a & B sell their property in the year 2012-13. share of A is 65 lakh
Now Mr.A wants to purchase a house property in the name of his wife with his name(Jointly)at rs 25 lakh and second property his name rs 40 lakh.
My question is can he claim the exemption for house property u/s 54
16 March 2013
It shall be available only for one residential property purchased(since section 54 states that the exemption shall be eligible for investment in a residential property).
CAclubindia
