Capital gain
This query is : Resolved
SUBHASH MISHRA
(Querist)
03 December 2013
Respected sir,
I have a residential plot in Jaipur and I want to sell. From this sale proceeds I want to purchase a shop which has a residential patta. Can I get any exemption in income tax on capital gain arising from it . What will be change if I plan to start a job work business from the newly purchased shop ?
With regards
Subhash Mishra
I have a residential plot in Jaipur and I want to sell. From this sale proceeds I want to purchase a shop which has a residential patta. Can I get any exemption in income tax on capital gain arising from it . What will be change if I plan to start a job work business from the newly purchased shop ?
With regards
Subhash Mishra
CA PARAS BAFNA
(Expert)
03 December 2013
Section 54F benefit should be claimed only in case of a residential house. The house must be a dwelling unit. In case, the exemption is disallowed, your tax liability may go higher.
.
There may be another problem from the side of Municipal Corporation.
.
So, take the advise of your local tax consultants first before planning.
.
.
There may be another problem from the side of Municipal Corporation.
.
So, take the advise of your local tax consultants first before planning.
.
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
