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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.

Claim Exemptions on Capital Gains: Invest in New Home and Bonds Under Sections 54 and 54EC, No Restrictions! An individual inquired about claiming exemptions on capital gains from the sale of a long-term residential property. Specifically, they asked if it is possible to claim exemptions under section 54 by investing in another residence and under section 54EC by investing in specified bonds. The response confirmed that there is no restriction on claiming benefits under both sections 54 and 54EC for capital gains from the sale of a residential property. (AI Summary)
Income Tax
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