can exemption from ltcg on transfer of a commercial house property be claimed u/s 54?
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 25 September 2010
Dear Sneha,
For claiming exemption u/s54, the LTCA transferred must be a residential house and its income must be chargeable under IHP. Although, income of commercial poperty comes under IHP, but still its not a residential property. Hence, exemption cannot be claimed under sec.54
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 25 September 2010
ya agree with narayanan sir................
Sunshine
(Helping All)
(10575 Points)
Replied 25 September 2010
so exemption can be claimed u/s 54 F i guess??
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 25 September 2010
Yes, exemption can be claimed u/s.54F
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THANKS NARAYANAN SIR
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