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capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 September 2010
a family residing in a house since 1960, they demolish the same and constructed a apartment consisting of eight residential units and one of them sold for 21 lakhs during the year 2010.can they claim any deduction under section 54 and sub sections,,,,

and one more question if advance received against sale is taxable in the year of sale or in theyear of receipt.

ex advance recived in feb 2010 9 laks
sale deed executed in july 2010.

whether 9 is taxable for the A.Y. 2010-11.
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CA PRAMOD SARAOGI

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CA PRAMOD SARAOGI (Expert)
02 September 2010 In case of immovable property the sale is recognised on the date of which the conveyance deed is registered.
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