Section 54 - LTCG savings by reinvestment in a house
This query is : Resolved
26 March 2009
An individual owns 3 separate small houses for over 5 years.
He is planning to sell 2 of the small houses and reinvest the entire sales proceeds in a single big house - within 6 months.
He shall be owning 2 houses total after the transaction is over.
Will he be exempt from LTCG tax on the sale value of both the small houses that he is selling to buy a single big house?
He is planning to sell 2 of the small houses and reinvest the entire sales proceeds in a single big house - within 6 months.
He shall be owning 2 houses total after the transaction is over.
Will he be exempt from LTCG tax on the sale value of both the small houses that he is selling to buy a single big house?
26 March 2009
Yes. He shall be allowed Exemption u/s 54 from LTCG.
27 March 2009
yes exemption is allowed
01 April 2009
yes exemption is allowed
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