Capital gain
This query is : Resolved
samir thakkar
(Querist)
22 October 2012
My client has incurred LTCG through sale of commercial property. He has deposited the entire amt in the capital gain account with SBI. He has the following queries :
1. Can he purchase a residential property on pugree basis i.e. purchases tenancy rights and makes pmt by chq. Can he avail the benefit of S.54F ?
2. The time for completing a deal is in July 2013. If he purchases a residential property on pmt of 20 % as booking amt and the bal pmt is to be made in instalments upto completion or on final completion, whereby the time is extended beyond the period of 2 years. Can he avail benefit of S.54F ?
1. Can he purchase a residential property on pugree basis i.e. purchases tenancy rights and makes pmt by chq. Can he avail the benefit of S.54F ?
2. The time for completing a deal is in July 2013. If he purchases a residential property on pmt of 20 % as booking amt and the bal pmt is to be made in instalments upto completion or on final completion, whereby the time is extended beyond the period of 2 years. Can he avail benefit of S.54F ?
22 October 2012
Hi
S. 54F provides for exemption from taxation of a long-term capital gain arising on transfer of an asset other than residential house, if the assessee has purchased or constructed a residential house within the specified period. Thus owning Tenancy Right doesnt Qualify.
He has to Invest Full amount in due time to qualify for exemption
Rgds//vaibahv
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S. 54F provides for exemption from taxation of a long-term capital gain arising on transfer of an asset other than residential house, if the assessee has purchased or constructed a residential house within the specified period. Thus owning Tenancy Right doesnt Qualify.
He has to Invest Full amount in due time to qualify for exemption
Rgds//vaibahv
Use thank button to convey your appreciation.
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