garima (Homemaker) (67 Points)
01 June 2020Dear members,
Can you help me understand..
I bought one residential property in march 2019 by selling an old property and availed benefits under section 54 . Now again due to some personal reasons I want to sell this house and want to buy another one. How long I need to retain this property to again get the benefit under section 54.
Please clarify.
Regards
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 01 June 2020
The new residential house property should be purchased either one year before the date of transfer or two years after the date of sale or transfer. In case of construction of new house the individual is given an extended time period to construct house i.e within three years of the date of transfer or sale.
c.bakshi
(practising company secretary)
(3221 Points)
Replied 01 June 2020
CAclubindia
