Purchase of 2nd residential property to claim Exemption

Share This Thread
  1. V K Khanna

    V K Khanna Active Member

    I have two residential properties, out of which one is under my self occupation and second is lying vacani. I intend to sell the vacant residential property and utilise the sale proceeds to buy a new residential property. Will the benefit of exemption from payment of capital gain tax under section 54 for purchase of second property be admissible to me? In case the benefit is not admissible, then what is the implication of amendment of Section 54 carried out by the Govt in the Income Tax Act in 2014?
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Yes, you can claim Capital Gains Exemption on sale of the property by reinvesting the capital gains in a residential house property.

    This exemption is available under Section 54
    V K Khanna likes this.
  3. V K Khanna

    V K Khanna Active Member

    Thanks Mr Gaurav for your prompt reply.
Draft saved Draft deleted