Can a person claim capital gain exemption under section 54 for more than once in lifetime,apart from the provision which states one can claim exemption only once in life time In case of reinvestment in 2 houses when capital gain is below 2 crores.
for example:
what If a person has sold one property and reinvested in another in AY 18-19.
Can he sell another property and claim exemption again under sec 54 in other assessment years eg AY 20-21.
or is it life time once availment?
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Capital gain exemption
Replies (2)
As per section 54, a person can claim the benefit of capital gain exemption for one house property for n number of times.
But there is an exception to the above case where he could avail the exemption only once in a lifetime i.e. when he claims the deduction of capital gain for two houses below 2 crores.
So, in your case you can avail the exemption from capital gains tax in AY 20-21.
But there is an exception to the above case where he could avail the exemption only once in a lifetime i.e. when he claims the deduction of capital gain for two houses below 2 crores.
So, in your case you can avail the exemption from capital gains tax in AY 20-21.
Thank you
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