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Q. > Please Help: Deduction us 54 if already has 2 other house properties
A plot is purchased in FY 2008-09. After that 25 % construction is completed on that plot as per HUDA laws in FY 2011-12. Now this house is sold in current FY. We have two more flats/residential property since FY 2008-09, which are given on rent and rent income is shown under the head Income from house property. Whether we can claim deduction us 54, if we invest the sale proceed/capital gains arise from above property in purhase of new residential property.
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ATUL
11-Nov-2016 , 08:41:13 pmYes, You can claim deduction under section 54 for the purchase or construction of ONE RESIDENTIAL HOUSE from the capital gain on sale of Residential house. If your utilized capital gain is more then the value of house property you can claim the deduction under section 54EC or 54EE along with section 54.