capital gain
This query is : Resolved
13 September 2017
Sold an residential house propery and purchased residential plot.
Whether deduction available under section 54 of income tax??
13 September 2017
mere plot purchase is of NO use......you need to construct on such plot.....may be small one...in order to avail section 54
13 September 2017
Has to Construct a house within 3 Yr of sale, and has to maintain the sale proceeds in separte LTCG Excemption account till the house is consturcted.
13 September 2017
Agree with the above points. And till such time you complete the construction within 3 years from the date of transfer, you can park the capital gains money in Capital Gains Account scheme in a Bank. You can withdraw the amount only for construction purposes.
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 registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Non filing of I T Returns
- UDIN ISSUE
- SALARY CAN BE CAPITALIZE
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- 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?
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
