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CAPITAL GAINS

DEEPAK CHHABRA

 On sale of residential house property( held as long term capital asset),can an assesee claim exemption-

1. u/s 54 for some part of the capital gain by investing in another residence.

2. u/s 54 EC for some part of capital gain by investing in specified bonds.

Capital gains exemption: allocate portions of gain to residence reinvestment and to specified bonds investment. There is no bar to an assessee allocating portions of long term capital gain from sale of a residential house to both the residence reinvestment exemption (by investing in another residential property) and the specified bonds exemption (by investing in prescribed bonds), allowing different parts of the gain to qualify under each reinvestment route. (AI Summary)
Income Tax
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sanjeev bajaj on Aug 4, 2012

Dear Deepak Chhabra

There is no bar to claim benefit of investing capital gain u/s 54 and u/s 54EC against sle of residential house property.

Regards

Sanjeev bajaj

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