Section 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 April 2017
ASSEESEE SALE PLOT (LONG TERM) AND WANT TO BUY A RESIDENTIAL HOUSE. ASSEESEE HAVING ALREADY A RESIDENTIAL HOUSE AND WANT TO BUY ANOTHER RESIDENTIAL HOUSE.
WHETHER ASSEESEE CAN CLAIM EXEMPTION UNDER SECTION 54 OR NOT ????????
WHETHER ASSEESEE CAN CLAIM EXEMPTION UNDER SECTION 54 OR NOT ????????
21 April 2017
Exemption u/s 54 is not available in respect of sale of plot it is available only in respect of sale of a residential house property upon purchase/construction of a new residential house property. But exemption u/s 54F can be availed in your case by investing entire sale consideration from sale of plot to construction of residential house property subject to other conditions of section 54F.
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