Hsekar Kumar (Accountant) (50 Points)
18 December 2012Hello,
My query about capital gain exemption.
1. Purchase a shop in 2001-02 and the shop sale in 02-06-2011.
2. purchase a recidential flat on 20-10-2011.
so, can i have taken exemption u/s. 54 for recidential flat agnst capital gain of selling a shop or not.?
CA Hardik Bunha
(self)
(2121 Points)
Replied 18 December 2012
no you can not take exemption in u/s 54. but you are eligible to claim exemption u/s 54F
HARPREET SINGH
(Chartered Accountant)
(79 Points)
Replied 18 December 2012
No, you can not enjoy exemption u/s 54, Sec 54 is for sale of residential & purchase of residential.
manoj
(student)
(5205 Points)
Replied 18 December 2012
dear u can get exemption u/s 54F
with the help of this formula
capital gain * investment in residential propoerty / net consideration
chitresh
(ipcc)
(23 Points)
Replied 19 December 2012
no you can not get exemption u/s 54 but you can get exempation u/s 54f
CA Goutam Sharma
(Chartered Accountant in Practice)
(468 Points)
Replied 19 December 2012
suppose the shop existed in the home itself. ie. to say , it was a residential property used as a shop then what?
CAclubindia
