I wish to know whether individual having two residential house properties sells one of them and purchase another residential house property.can he claim deduction u/s 54.Is there any restriction in the law that person claiming exemption u/s 54 should not own another residential property on the date of sale of the residential property for which he wants to claim exemption u/s 54
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Exemption u/s 54
Replies (2)
refer 54 f
1. According to sec 54, the exemption will be available for CG in case of sale of residential property (long term) and subsequently purchased another residential property within a period of 1 year before or 2 years after.
2. There are few conditions to claiming exemption u/s 54. Refer the relevant section for the same.
3. To answer your question there are no restrictions for holding more than one residential property for claiming exemption u/s 54. Such restrictions are imposed in sec 54F (sale of CA other than residential property and purchase of residential property)
Please correct me if the above solution has an alternative view.
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