capital gain
This query is : Resolved
Sameer Sheikh
(Querist)
21 October 2017
if my father plot is sold and a upper floor of my house is build is it taxable under capital gain
CA Rashmi Gandhi
(Expert)
21 October 2017
Sale of plot taxable under Income from Capital Gain...
However you can claim exemption of construction of house u/s 54F.
Same is taxable or not depends on amount at which you sold & construct new house.
Amol S Joglekar
(Expert)
21 October 2017
sale of plot is taxable under capital gain as per the period of holding....(Short term versus Long term)
for claiming exemption for new house, the same should be in the name of the person who as the capital gain
for claiming exemption for new house, the same should be in the name of the person who as the capital gain
Sameer Sheikh
(Querist)
21 October 2017
if i want to reconstruction of resident building upper floor and i sell a plot sale is under long term capital gain then also i should pay tax or exemption of that much amount for reconstruction
CA Rashmi Gandhi
(Expert)
21 October 2017
Yes you can get exemption for same.....
Amol S Joglekar
(Expert)
22 October 2017
father can get exemption provided the upper floor construction is in his name.
Father can NOT get exemption for construction of son's house.
Father can NOT get exemption for construction of son's house.
Sameer Sheikh
(Querist)
23 October 2017
Thnx madam and sir can u plz tell me it is 54F section only no only type yes
CA Rashmi Gandhi
(Expert)
23 October 2017
Yes. .....
Amol S Joglekar
(Expert)
26 November 2017
definitely yes.....
....
....
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