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54F

Dear Sir/ Ma'am

The query involves using of section 54F to claim exemption. On the date of transfer of a plot, the assessee owns two residential houses. No income from house property is being earned from both the houses.
As per my understanding on the section, I can claim the exemption, if I own more than one residential house but there is no income from the houses that can be charged under income from house property.
As per 54F, the LTCG on long term capital asset is not chargeable provided that nothing contained in this sub-section (1) of 54F shall apply where—
(a) the assessee,—
(i) OWNS MORE THAN ONE RESIDENTIAL HOUSE, OTHER THAN THE NEW ASSET, ON THE DATE OF TRANSFER OF THE ORIGINAL ASSET; OR
(ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or
(iii) constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset;
AND
(B) THE INCOME FROM SUCH RESIDENTIAL HOUSE, OTHER THAN THE ONE RESIDENTIAL HOUSE OWNED ON THE DATE OF TRANSFER OF THE ORIGINAL ASSET, IS CHARGEABLE UNDER THE HEAD "INCOME FROM HOUSE PROPERTY".


Kindly help me out with the same.

Thanks and regards
CA Anamika

24
Apr

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