Capital gain
This query is : Resolved
ashish singh chouhan
(Querist)
05 July 2012
sir i want ans and tax planning of a problem on Capital
Long term Capital Gain on sale of Residential house is Rs. 1400000
purchase of another Resi. house Rs. 1750000, for purchase of Residential house Assessee has taken housing loan of Rs. 1150000
how much exemption assessee can take u/s 54
and calculation their of . If any LTCG arises what is tax planning we can do
Long term Capital Gain on sale of Residential house is Rs. 1400000
purchase of another Resi. house Rs. 1750000, for purchase of Residential house Assessee has taken housing loan of Rs. 1150000
how much exemption assessee can take u/s 54
and calculation their of . If any LTCG arises what is tax planning we can do
05 July 2012
LTCG is Rs. 14 lakh and investment in residential house is Rs. 17.50 lakhs.
Since the amount of investment exceeds the amount of capital gain, WHOLE amount of capital gain is exempt.
Since the amount of investment exceeds the amount of capital gain, WHOLE amount of capital gain is exempt.
ashish singh chouhan
(Querist)
05 July 2012
sir but assessee has taken loan for purchase of house , but it act says that sale proceeds should be used for purchase of R.H.
assessee has used only 6 lakh for pur of house and balance amt used from loan
assessee has used only 6 lakh for pur of house and balance amt used from loan
05 July 2012
It is not necessary that the assessee should use the sale proceeds to invest in the house.
Please read Section 54 carefully.
Section 54 DOES NOT say that the sale proceeds have to be utlised.
Section 54 DOES NOT use the words "SALE PROCEEDS" at all.
Accordingly, deduction shall be available for the full amount.
Please read Section 54 carefully.
Section 54 DOES NOT say that the sale proceeds have to be utlised.
Section 54 DOES NOT use the words "SALE PROCEEDS" at all.
Accordingly, deduction shall be available for the full amount.
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ashish singh chouhan
(Querist)
05 July 2012
Thanks sir
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