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Residential Long term capital gains used in purchasing two residential flats in different locations during Financial year 2012/13, Income Tax

Issue Id: - 109313
Dated: 21-10-2015
By:- Navin Thakkar

Residential Long term capital gains used in purchasing two residential flats in different locations during Financial year 2012/13

Contents

Are there any Case Laws on the Subjects?

Are we eligible for deduction of costs of two properties from Long Term Capital Gains. u/s 54 of the Income Tax Act 1961?

Posts / Replies

Showing Replies 1 to 1 of 1 Records

Page: 1

1 Dated: 29-9-2016
By:- CA Surender Gupta

The provisions of Section 54 as stood today allows exemption only for "one residential house in India". However, prior to Assessment year 2015-16, the exemption was available for "a residential house".

There are various case laws where exemption was allowed treating two joint property as single property and so on. Therefore, a detailed analysis of the factual position would help you to solve this issue.

Page: 1