Please Help: Income Tax- Section 54
Posted Date : 31-Oct-2015 , 06:20:46 pm | Posted By: Ishan Bhateja
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Income Tax | Answers :
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if a person sold a long term residential house for Rs. 1 crore on 15.01.2015 his capital gain there on was rs. 50 lacs, he now purchased a residential house worth Rs. 90 Lacs on 15.03.2015, claiming exemption U/s 54 for capital gains of Rs. 50 lacs, he again sold his another Long term residential house for Rs. 60 lacs and capital gains there on Rs. 15 lacs, can he claim exemption for capital gains of Rs. 15 lacs on the same residential house he bought on 15.03.2015 U/s 54 as the house was purchased with in 1 year of transfer. can he claim exemption for both the residential houses sold by purchasing one residential house.??? |
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| Posted By : |
31-Oct-2015, 07:46:48 |
| As per Section 54 of Income Tax Act if an individual or a HUF sold a long term capital assets being buildings or lands appurtenant there to, or says original Assets and acquired or constructed a residential house within stipulated time, the capital gain arising from the sale of original asset is exempted u/s 54 as per limit given and subject to given conditions.
As section 54 is not clear for capital gain arising from one house or more but it contains the words "transfer of a long term capital asset, being buildings or lands appurtenant thereto," is clear that more capital gain arising from more than one house can be utilized for one new acquired residential house. here building+s or land+s is important.
or logically there should not be any restriction as one or more sale of house.
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