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Can I Sell My First House and Buy a New One Even After Claiming Tax Exemption?

T S Khurana

T S Khurana   |427 Answers  |Ask -

Tax Expert - Answered on Nov 29, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Srinivas Question by Srinivas on Sep 01, 2024Hindi
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I bought a house in 2008 and another apartment in 2024(I claimed tax exemption under clause 54F in recently submitted tax returns). Now Can I sell first house(bought in 2008) and buy a new house.

Ans: You question seems to be incomplete. How you have claimed exemption u/s 54F in recent ITR. Which property or asset you have sold ? Another point is how you have claimed exemption, against which tax saving (whether against any house property or Capital gain Bonds etc.) ?
Most welcome for any further clarifications. Thanks.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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