Capital gain
This query is : Resolved
11 February 2015
I HAVE PURCHASE A FLAT WHICH POSSESSION IS DUE ON 1ST APRIL 2015 AND I HAVE TAKEN HOUSING LOAN FOR THE SAME.
NOW MY MOTHER HAS A HOUSE WHICH SHE IS GOING TO SALE IN MONTH OF APRIL. THIS HOUSE WAS PURCHASE IN 1996.
MY QUESTION IS THAT THIS CONSIDERATION CAN BE USED BY ME IN MY FLAT LOAN PAYMENT.AND WILL MY MOTHER WILL ELIGIBLE FOR DEDUCTION UNDER SECTION 54.
NOW MY MOTHER HAS A HOUSE WHICH SHE IS GOING TO SALE IN MONTH OF APRIL. THIS HOUSE WAS PURCHASE IN 1996.
MY QUESTION IS THAT THIS CONSIDERATION CAN BE USED BY ME IN MY FLAT LOAN PAYMENT.AND WILL MY MOTHER WILL ELIGIBLE FOR DEDUCTION UNDER SECTION 54.
11 February 2015
is your mother's name included while purchasing this flat scheduled to be possessed by you in April 2015?
The mere repayment of any loan does NOT give any entitlement for exemption/deduction.
The mere repayment of any loan does NOT give any entitlement for exemption/deduction.
11 February 2015
MY MOTHER NAME IS MENTIONED IN LOAN AS SECOND APPLICANT.
11 February 2015
Loan repayment does NOT qualify for any exemption from capital gain.
12 February 2015
Thank you sir...
Further my father has invested money in flat in june 2012 for which possession is not received.
May we use this sale consideration in that and will my mother get 54 deduction
Further my father has invested money in flat in june 2012 for which possession is not received.
May we use this sale consideration in that and will my mother get 54 deduction
12 February 2015
Please read 54 carefully. : It is 1 year before or 2 years after....for PURCHASE
and 3 years after...for construction.
Income tax Act being person specific, you need to invest the money in the name of SAME person for whom you are opting for 54 exemption/deduction etc.
and 3 years after...for construction.
Income tax Act being person specific, you need to invest the money in the name of SAME person for whom you are opting for 54 exemption/deduction etc.
Message likes :
1 times
12 February 2015
thanks sir...
so it will be better for me to invest in 54EC.
so it will be better for me to invest in 54EC.
12 February 2015
yes, definitely. 54EC would be a better option.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
