CAclubindia Forum : Capital gains

Pages : 1,

By : srivatsan
student
[ Scorecard : 17]

ON : 5/14/2008 10:57:48 PM

Sec. 54 of IT Act is applicable w.r.t sale of a residential property and investment in another residential property.What will be the consequence if a person owning 3 flats with separate door nos. (within the same compound) sells all of them and invests in a single residential property.Also explain the wealth tax perspective of this transaction.

By : vinay
article
[ Scorecard : 86]

ON : 5/15/2008 3:03:02 PM

The capital gain is to be invested in a single property. but the exemption will be applicable if the person is not having any other resedential property.

By : Rushikesh
Service
[ Scorecard : 735]

ON : 5/15/2008 3:15:02 PM

The Capital gain is allowed only if the peron sells one property and buys another (only one).

Even if the houses are in one compound they are seperate dwelling units as registered and hence seperate houses (unless they are used as one)

PAGE 1,

Post your reply for : Capital gains
Note	Your not logged in . Reply posted by you will appear as Guest Posting
Your Name
Email :
Message
Verify Image Code	Reload Write the characters in the image above (Case sensitive)

Forum for Chartered Accountants ,CAs India, CA India ,Company Secretary ,CS, Cost Accountants , MBA and Finance Professionals