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Residential Long term capital gains used in purchasing two residential flats in different locations during Financial year 2012/13, Income Tax |
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Residential Long term capital gains used in purchasing two residential flats in different locations during Financial year 2012/13 |
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Are there any Case Laws on the Subjects? Are we eligible for deduction of costs of two properties from Long Term Capital Gains. u/s 54 of the Income Tax Act 1961? Posts / Replies Showing Replies 1 to 1 of 1 Records Page: 1
The provisions of Section 54 as stood today allows exemption only for "one residential house in India". However, prior to Assessment year 2015-16, the exemption was available for "a residential house". There are various case laws where exemption was allowed treating two joint property as single property and so on. Therefore, a detailed analysis of the factual position would help you to solve this issue. Page: 1 Old Query - New Comments are closed. |
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