Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 November 2014
The Assess bought a house in FY 1991-92 for Rs 6 lacs. thereafter he made Improvements in the year 1997 & 2005 for Rs 697000 & 1250000 respectively.
In the FY 2013-14 he Demolished the house & sold the land for 95 lacs.
In same Financial year bought a Flat for Rs 55 Lacs.
Will he be entitled to Benefit of Improvement cost u/s 54 or he will be assessed u/s 54F?
In the FY 2013-14 he Demolished the house & sold the land for 95 lacs.
In same Financial year bought a Flat for Rs 55 Lacs.
Will he be entitled to Benefit of Improvement cost u/s 54 or he will be assessed u/s 54F?
28 November 2014
As the house has been demolished and only the land has been sold he will be assessed u/s 54F.
28 November 2014
he can take the benefit u/s 54f
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