Section 54 benefit- multiple houses

Page no : 4

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 29 July 2019

@ Raghavendra Bapat...

No, the condition is not applicable for exemption u/s. 54 of the act.

It is applicable for sec. 54F of the act.

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Akshay Modak (Proprietor) (25 Points)
Replied 17 August 2019

I have a query -

In case if Mrs. X sells a house property in year one and buys a new in same year and further sells a land in next year, whether she can take a benefit of Sec. 54 in year one and Sec. 54 F in next year for single house property purchased.

My view is benefit can be claimed. Please share your expert view.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 17 August 2019

Yes, subject to compliance of other conditions u/s. 54F of IT act.

Ranjit Inamdar (4 Points)
Replied 27 September 2019

Was there any reply on this part of the question ? ---> "And does it mean that if assessee already owns a residential property, he will not get the benefit of section 54 for investment in new house?. If that was the intention of legislature, they would have added a proviso on lines similar to proviso under section 54F. Kindly provide your considered opinion. Thank you once again.
" Different CAs have different opinions here and I am not getting a clarity on anywhere on Web as well.....Does anyone know this for sure?