To qualify for the exemption claim U/s.54 is there any restriction on holding of certain number of residential property/ies? I mean, can a person holding more than 1 (say 4) residential properties claim exemption U/s.54?
Thanks.
Menu
Exemption u/s.54
Replies (2)
TAX PAYER MAY PURCHASE 2 HOUSES, OR HE CAN PURCHASE A HOUSE AND CONSTRUCT FIRST FLOOR OF THE HOUSE SO PURCHASED OR A PERSON CAN CONSTRUCT TWO OR MORE HOUSES,ETC. SIMILARLY,A TAXPAYER MAY SELL TWO HOUSE PROPERTIES AND HE MAY PURCHASE ONE HOUSE PROPERTY FOR THE PURPOSE OF AVAILING THE EXEMPTION.
If the Assessee is not owning any Residential Property he can avail Exemption U/s. 54 by Investing the Capital Gain Portion in a New Residential Unit.
If the Assessee is Owning a Residential Peoperty, he can avail Exemption U/s.54 by investing the Entire Sale Proceeds in a New Residetial Unit .
If the Assessee Owns more than one (As Stated in Your Query) Exemption U/s.54 is not available to him
Recent Threads
- Regarding cancellation of GST Number
- GST on business receipts pre -registration
- A Restaurant registered under the Composition Sche
- GST RATE OF OUT DOOR CATERING
- Non resident taxation & income tax in India
- GST Rate for oral Hygiene Combo Pack
- GST registration - Address error
- TDS on property pu
- Import of goods IMS action related
- Incometax Survey - Updated Return Filing after the
Related Threads
CAclubindia
