Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 December 2012
Dear Sir,
Suppose an individual sells his ancestral residential house and after that sale he purchases an agriculture land from the sale consideration. Whether he will get exemption u/s 54 or he has to purchase a residential property from sale consideration to get exemption from capital gain.
Please advise me.
Suppose an individual sells his ancestral residential house and after that sale he purchases an agriculture land from the sale consideration. Whether he will get exemption u/s 54 or he has to purchase a residential property from sale consideration to get exemption from capital gain.
Please advise me.
09 December 2012
Section 54 exemption is available only when, if a new house property is purchased with the amount of capital gain. Exemption is not available for purchase of agriculture land.
Had this land purchased for the purpose of constructing house on it within 3 years of transfer, then it would have become eligible for exemption under section 54.
Had this land purchased for the purpose of constructing house on it within 3 years of transfer, then it would have become eligible for exemption under section 54.
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Banking Related Issue
- Difff in ais receipts and gst turnover
- ITR-Capital Gain
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
