Can I claim Capital Gains Exemption for Ancestral Property

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  1. jkcons

    jkcons New Member

    My father purchased a plot in 1957 in and constructed a house on it in . By way of family settlement in court , its ownership rights was given to me in 1975 . I got additions / alteration on it from my funds and got it mutated in municipal records for house tax purposes since 1975 and major portion of this house is self occupied and of remaining I have let it out and also showing residential rental income on it since 1982 in my I.Tax returns . Some portion of it is also rent out for commercial purpose ( godown ) since 2008 . my father expired in 2005 . I also got relinquishment deed registered in my favour from legal heirs of my father in 2014 . I have another aparment in my name . Now if I sell this house , and I purchase another house from the proceeds of this sale , can I am eligible for capital gain tax exemptions or not u/s sec. 54 , please adivse .
     
  2. Shishir Nayak

    Shishir Nayak Member

    Yes you can avail exemption u/s sec54 as you are satisfying all condition.
     
  3. jkcons

    jkcons New Member

    Thanks for your input , but to be sure as I have availed the benefit of sec. 54F by purchasing the already mentioned apartment in my name ( second house ) , 3 ( three ) years back , I am told that once you have taken a benefit u/s 54F , by purchasing a house one cannot take the benefit of sec. 54 . please advise.
     
  4. Parul_Gupta

    Parul_Gupta Active Member

    There is no such condition that you can claim exemption under Section 54F only once.

    You can claim the exemptiom any no. of times.

    The only condition is that you should not own more than 1 residential property apart from the one you intent to purchase.
     
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