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Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2012 Sec 54
An assessee sold a house and he got the LTCG of Rs. 10 lacs.

Now he invests Rs. 25 lacs for the purchase of new house within 2 years so as to exempt his LTCG u/s 54.

He solds that new house within that year only for Rs. 40 lacs.

Short term cap gain will be cal as follows.

Sale Price 40
cost (25-10) 15

STCG 25

Now my question is.
If he again purchases sum other new house again for Rs. 17 lacs in the same year.
What would be his STCG ?

mohit sethia

mohit sethia (Querist)

02 May 2012 what are the best coaching classes for ca-ipcc in kolkata???

Andrea

Andrea (Querist)

02 May 2012 Good-morning, we incorporated a Pvt Ltd last year in June, we are foreigns, our company secretary informed us about the FCGPR only last week.
Now we are facing troubles as we remitted the money in cash...not by Int. wire transfer. Because of this the bank is not providing KYC and the FIRC

It seems that also our CS doesn't know hot to go on...he suggested us to open a personal account at the bank...

The second question is about the rate for CS services, are the charges regulated? how can I compare the prices?

Many thanks

Amol S Joglekar

Amol S Joglekar (Expert)

02 May 2012 If the house on which exemption u/s 54 is sold within a period of 3 years, the cost shall be; for the purposes of computation of STCG; taken NIL. In your case, have you claimed exemption u/s 54 or only intended to claim is the crucial point? If you have not filed the return for the same then you will be having various choices.

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2012 HOW CAN COST BE NIL.?
IF HE SOLD THAT NEW HOUSE AND PURCHASES AGAIN SUM OTHER NEW HOUSE. HOW STCG WILL BE CALCUULATED ?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

02 May 2012 mr mohit go to link:

https://kolkata.quikr.com/Coaching-classes-for-CA-CPT-CA-IPCC-and-CA-Final-W0QQAdIdZ84033766

admin is request to please question is not displaying .

CA CKP

CA CKP (Expert)

02 May 2012 You have rightly calculated STCG Rs. 25L. As per section 54, where the new assets is transferred within 3 years from the date of its acquisition/construction, the cost of such asset shall be reduced by the amount of capital gain exempted earlier and STCG shall be computed by deducting such reduced cost of acquisition.
Further you will not get any benefit of purchasing new house again as exemption u/s 54 is available only against LTCG.

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2012 THANKS A LOT FOR YOUR REPLY.
BUT ARE YOU SURE ABOUT THIS THAT NO NEW EXEMPTION WILL BE GIVEN AGAIN.
ACTUALLY LAW IS NOT CLEAR HERE .

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