02 March 2015
Dear all,
My friend purchase property on 1980 of rs 100000.00 . sold the property on 2011, 2012 and 2013 of rs 1500000.00. (ie advance received 2011 of rs 200000.00 and 2012 of rs 300000.00 and balance amount received on registeration time on 2013).kindly advice followings,
1. entire sale amount used for purchase new residential house for his daughter of rs 2500000.00 , can he eligible for 54 F
2. Which year Income Tax return file
3. Sale deed shows consideratin of rs 1400000.00 but received amount of rs 1500000.00 , which amount eligible.
4. If property is agricultural land any advantage is possible.
02 March 2015
1. Eligible for 54F exemption, full amount is eligible. 2. File IT return in 2013. 3. Excess amount received is liable for income tax. 4. If property is rural agricultural land it is fully exempted from capital gain.
CAclubindia
