Thank you, Sir
D Vinayak
(DIRECTOR)
(22 Points)
Replied 24 May 2018
Sirji, we have two appartments, both jointly owned (50% each) and invested by me and my wife. We sold a land which also was jointly owned. can we claim 54F as each share only 50% of two apartment and not full?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170621 Points)
Replied 24 May 2018
No. Because ownership is certainly defined in this case. Rather better option would be construct a small room, and sell it as 'house'.
Pradeep Goel
(Chartered Accountant)
(26 Points)
Replied 16 September 2018
What about if I sell 3 properties in one year on different dates but invest only in one property. I guess Section 54 benefit can be availed fully ? Please confirm.
Pradeep Goel
(Chartered Accountant)
(26 Points)
Replied 16 September 2018
Further, if I have multiple properties, can I sell one each year and invest also and keep getting section 54 benefit every year ?
Pradeep Goel
(Chartered Accountant)
(26 Points)
Replied 16 September 2018
Further, if I have multiple properties, can I sell one each year and invest also and keep getting section 54 benefit every year ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170621 Points)
Replied 16 September 2018
| Originally posted by : Pradeep Goel | ||
 |
What about if I sell 3 properties in one year on different dates but invest only in one property. I guess Section 54 benefit can be availed fully ? Please confirm. |  |
Yes, upto the gain invested in the new residential property (as per sec. 54 of IT act.)
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170621 Points)
Replied 16 September 2018
| Originally posted by : Pradeep Goel | ||
|
Further, if I have multiple properties, can I sell one each year and invest also and keep getting section 54 benefit every year ? | |
Yes, there is no question of SELL of multiple properties. (concept is called 'Roll Over')
Dear Ramji1
(6 Points)
Replied 07 December 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170621 Points)
Replied 07 December 2018
@ Dear Ramji 1 ....
As per section 54, there is no restriction as to number of house property held by him.
I.e. he can avail exemption u/s. 54 by investment in third residential property. (but not u/s. 54F)
Dear Ramji1
(6 Points)
Replied 07 December 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170621 Points)
Replied 07 December 2018
Let me confirm that the property transfered/sold is a residential house, and not any other asset like land etc.
If yes, than section 54 applicable and not sec. 54F.
Section 54F has following conditions which are not specified under section 54::
Provided that nothing contained in this sub-section shall apply where—
(a) the assessee,—
(i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or
(ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or
(iii) constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and
mtvcamba
(Chartered Accountant)
(112 Points)
Replied 22 December 2018
I feel that your logic sounds good and it matches the intention that the Govt would have had. If the provision has to be intrepreted so strictly, then there are some assesses who will suffer due to clubning provisions,
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
