Exemption under Section 54-capital gain

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..... Exemption under Section 54-capital gain
Query (Issue) Started By: - VENKAT S Dated:- 21-3-2019 Last Reply Date:- 1-5-2019 Income Tax
Got 2 Replies
Income Tax
If a person has multiple hous .....

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..... es (eg: four) and sells one of them and reinvests in another house, can he claim relief under sec 54 of the Income tax Act? Is there any condition that he should not hold more than one house (like in .....

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..... sec 54F)? Reply By Ashwani Garg: The Reply: Yes, the exemption under section 54 would be available on purchase of ONE residential house. In case, more than one residential house are purchased, the .....

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..... one having the highest price could be considered for the purpose of the above section. Reply By Ashwani Garg: The Reply: The conditions laid down in section 54F regarding ownership of multiple house .....

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..... s is different and should not be mixed with section 54.
Discussion Forum - Knowledge Sharing .....

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