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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 November 2014 As the house has been demolished and only the land has been sold he will be assessed u/s 54F.

Rupesh Jain

Rupesh Jain (Expert)
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28 November 2014 he can take the benefit u/s 54f

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