Mr. X has sold 3 small Flats and have bought 1 Big Flat out of the Sale proceeds. He got Capital Gains on sale of each flat. Can he take the benefit of Section 54, as he made investment in one Big Flat.
Rishab (A.C.A.) (155 Points)
09 June 2010Mr. X has sold 3 small Flats and have bought 1 Big Flat out of the Sale proceeds. He got Capital Gains on sale of each flat. Can he take the benefit of Section 54, as he made investment in one Big Flat.
Venkateswara Rao Sapare
(Accountant)
(1500 Points)
Replied 09 June 2010
Yes DEar Rishab, He can take the benefit of Section 54 on the condition that all the 3 small flats were put to use for the residential purpose of the assessee.
Section 54 is clear in this aspect, provided the other conditions spelt out therin fulfilled.
SRINIVASA MURTHY
(Asst Manager (Finance))
(186 Points)
Replied 09 June 2010
s, mr.x can purchase a single property from the capital gains of 3 individual properties, the condition to be fulfilled is all the capital gains araising on the transfer of 3 capital assests should be invested.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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