Aplicability under section 54 & 54f
This query is : Resolved
HALAI SARFARAZ I.
(Querist)
02 December 2011
is investment in more than one residential property in U/S-54 & 54F against LTCG if yes give specific case law for that.and ans the following..
e.g. 1)if assesses sold other than HP & inccured LTCG of rs.1000000 which he invest in two residential property what applicability U/s-54f
2)if assesses sold HP & inccured LTCG of rs.1100000 which he invest in two residential property what applicability U/s-54
e.g. 1)if assesses sold other than HP & inccured LTCG of rs.1000000 which he invest in two residential property what applicability U/s-54f
2)if assesses sold HP & inccured LTCG of rs.1100000 which he invest in two residential property what applicability U/s-54
03 December 2011
Dear friend, The capital gain raised due to transfer or sale of any House property will be utilized in purchasing of two or more than two properties. The IT Act, 1961 has not imposed any restriction in number of properties to be purchased.
CA PARAS BAFNA
(Expert)
04 December 2011
1. 54F:
In this case purchase of 2 Separate Residential Houses one in Building A and another else where or in other building ....
is not allowed.
This is due to restriction imposed by Section 54F ...within one year of purchase of new asset ..the assessee can not purchase another residential house.
Please go through the proviso of Section 54F (1) (a)(ii).
In this case purchase of 2 Separate Residential Houses one in Building A and another else where or in other building ....
is not allowed.
This is due to restriction imposed by Section 54F ...within one year of purchase of new asset ..the assessee can not purchase another residential house.
Please go through the proviso of Section 54F (1) (a)(ii).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Additional trade name
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
