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Exemption U/S SEC54 54F

vishal (na) (175 Points)

08 August 2020

A house and land is sold in same financial year can a individual claim exemption under sec 54F and sec 54 by purchasing/constructing one house.

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Ravi SADhiyan (Practice) (4510 Points)
Replied 08 August 2020

Originally posted by : vishal
	A house and land is sold in same financial year can a individual claim exemption under sec 54F and sec 54 by purchasing/constructing one house.

Claim Exemption under section 54 in case of sale of Residential House

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Chahat Bansal (226 Points)
Replied 08 August 2020

Exemption u/s 54 is available in case you sell residential property and Buy residential property.
For claiming exemption you must check you don't own more then one House property.
Exemption is available of a house you bought 3 years back or constructed 2 years after selling the property.

vishal (na) (175 Points)
Replied 08 August 2020

My question was that if residential house is sold we can claim exemption under sec54 by purchasing residential house and if land is sold we can claim exemption under sec 54 f by purchasing residential house now the scenario is that if both residential house and land is sold can we claim exemption for both together under sec 54 and 54 F by purchasing/constructing one residential house only.

Chahat Bansal (226 Points)
Replied 08 August 2020

There is no such provision ristricting you from claiming exemption under both sections at same time (even for different properties).
Therefore you can claim exemption under Respective sections.

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rama krishnan (12239 Points)
Replied 09 August 2020

There's no restrictions to claim 54 and 54f unless you invest in single house property. if you invest in two house properties section 54f will be violated