Capital gain
This query is : Resolved
Rajesh Topiwala
(Querist)
08 November 2013
Property sold in Aug., 2013 say Long Term Capital Gain Rs. 1 cr. after applying index.
Invested in July, 2013 Rs 40 lakh in Res. Flat under construction property out of own source and balance Rs. 60 lakh in Nov., 2013.
Is it possible to claim Rs. 40 lakh u/s 54 for under construction property before arising capital gain ?
Invested in July, 2013 Rs 40 lakh in Res. Flat under construction property out of own source and balance Rs. 60 lakh in Nov., 2013.
Is it possible to claim Rs. 40 lakh u/s 54 for under construction property before arising capital gain ?
CA JATIN TALREJA
(Expert)
12 November 2013
In order to claim full exemption from long term capiatl gains the entire amount of long term capital gains of Rs.1 crore should be invested in new resedential house property and the same property to be constructed within 3 years of transfer of first resedential house . Since only 60 lakh is utilised the exemption will be restricted to 60 lakh only. However there are certain procedural conditions regarding the utilisation of the amount to be kept in a CAPITAL GAINS SCHEME ACCOUNT in a bank if the money is not fully utilised within the time limit.
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
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
