A query asked under experts category

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ankit khanna

47 Points Joined July 2007

I have recently sold my flatin Kolkata.Ilive in my house in Gurgaon. I have constructed a small self-contained flat on the roof of this house, for renting out. Am I entitled to any Capital Gains Relief?

Tapas Majumdar

Since I cant reply to the queries under Experts segment hence I'm responding it here:-

Yes you can claim exemption under Section 54 towards the cost of new additional house constructed over ur existing house in Gurgaon, as per a decided case law of CIT vs. Narsimhan. However the relief u/s sec 54 for claiming CG exepmtion is only allowed if ur house sold in Kol is a Long term Capital asset (i.e. over 36 m from date of acqsn) and the Income of house in Kol was chargeable under Income from House property.

Replies (2)

MAHESH KUMAR SHARDA

AGM(FINANCE)

27 Points Joined November 2009

My friend is living in his own house in bangalore.He is working at bangalore with Beml and getting HRA from Beml limited.His family is living in Delhi in rented house.Can he claim exemtion against HRA towards rent paid by him against rented house in which his family is living in Delhi.

Since he is living in own house in bangalore there is no payment by him at bangalore from HRA received from his employer BEML limited Bangalore.

MAHESH KUMAR SHARDA

AGM(FINANCE)

27 Points Joined November 2009

Originally posted by :MAHESH KUMAR SHARDA
"	My friend is living in his own house in bangalore.He is working at bangalore with Beml and getting HRA from Beml limited.His family is living in Delhi in rented house.Can he claim exemtion against HRA towards rent paid by him against rented house in which his family is living in Delhi. Since he is living in own house in bangalore there is no payment by him at bangalore from HRA received from his employer BEML limited Bangalore.	"