Kashish Gupta (B.com (H) , ACA) (368 Points)
19 August 2013Dear Friends..
I have a query regarding Capital Gain.Please give your suggestions-:
A Person sold ROOFTOP of house and purchased a Residential House Property. Under which section of Income Tax Act,1961 he can claim exemption??
54 or 54F?
Give reasons for your answer also.
Thanks.
Mihir
(Wealth Manager)
(5293 Points)
Replied 19 August 2013
I think it should be exemption u/s 54F, because rooftop cannot be used as a residential premises, and is likely to be used for commercial purpose such as mobile towers or advertisement hoardings or for mandap keeping.
Wait for others to reply.
CAclubindia
