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Capital Gain

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(Querist)
22 February 2010 Capital Gain Deduction u/s 54 details
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CMA. Dinesh S Adhikari, ACMA

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CMA. Dinesh S Adhikari, ACMA (Expert)
22 February 2010 Exemption of u/s 54 is available if:

1) Sold asset is Residential House Property
2) Should be held more than 3 years.
3) New puchased property is also Residential House Property(RHP).
4) New RHP should be purchased within 1 year before or withing 2 year after OR construct within 3 years after, from the date of purchase.
5) Capital Gains Accounts Scheme available for this.
6) New RHP should not be sold within 3 years from the date of construction/purchase, if sold then earlier claim exemption will be taxabla as STCG.
7) Emempt amount will be Capital Gain or Amount invested in new RHP.

Regards!!!
Dinesh S. Adhikari
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