RAM MOORTHY (BUSINESS) (27 Points)
22 March 2018I have sold a land on oct 2016 for Rs.10 lakhs purchased at a cost of around 2.5 lakhs 7 years ago and used it for construction of Residential property . I have a rental income from property of two units situated in the same building . Since I am receiving income from two house property my auditor says that we cannot claim exemption for the capital gain on sale of property .Is it correct Please Reply or send your answers to sankar24071981 @ gmail.com
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169108 Points)
Replied 22 March 2018
" Since I am receiving income from two house property my auditor says that we cannot claim exemption for the capital gain on sale of property .Is it correct?"
Not correct.
You can get exemption u/s. 54/54EC as residential house property sold after more than 3 years holding period.
RAM MOORTHY
(BUSINESS)
(27 Points)
Replied 22 March 2018
Thanks for the Reply Sir. I have sold a vacant land and my auditor says the timelimit for investment in 54EC has expired and 54 is available only for sale of house property .Since I have sold a vacant land and showing rental income of more than one property I cannot claim Exemption for third property which is under construction(I have used my sale proceed to construct the property ) . I have not filed the return Yet . Please help
RAM MOORTHY
(BUSINESS)
(27 Points)
Replied 22 March 2018
Can the rental incomes from two units in the same building be treated as one residential property and exemption claimed under Section 54F.?
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
