Sec 54 Exemption in case of 2 Properties?

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  1. Imranbk

    Imranbk New Member

    Hi ,

    Firstly I would like to appreciate all your advice and thanks for enlightening 1000's of novice like me.

    I have purchased a residential flat in 2009 for 18 lakhs rupees (addition 2 lakhs for stamp duty and registration). I am planning to sell this property in order to purchase a new property. Current market price for the property is 45 lakhs rupees. Whole proceed of the sale (i.e 45 lakhs) I will be immediately investing in the new property which is around 70 lakhs.

    In addition to the above property I have also transferred my parental property on my name in 2012. So now i have 2 property registered under my name.

    Please do advise on the below queries:
    1. Can i claim exemption on the capital gain under section 54?
    2. Is there any clause that there should be only 1 house on my name at the time of sell, else I will not get exemption under section 54 ?

  2. Karan Batra

    Karan Batra Well-Known Member

    Yes, you can claim the Exemption under Section 54 in the above mentioned case
  3. Imranbk

    Imranbk New Member

    Thanks Karan,

    Can you please help me in finding a CA who can assist me in filing the return and claiming exemption.
  4. ZED

    ZED Well-Known Member

    Sir, can you explain a bit about
    Was this property transferred by you? Or this property was transferred to you? (or both?)

    Not u/s 54. There is a condition u/s 54F that the assessee should not own more than one house, other than the new one.

    I can do return filing.
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