Capital gain
This query is : Resolved
07 September 2011
Assessee sells a residential plot of land, he does not own any other property, he invests in 2 house properties.
Q1. Sec 54 or Sec 54F ?
Q2. In either section, can he invest in more than 1 house property ?
Q1. Sec 54 or Sec 54F ?
Q2. In either section, can he invest in more than 1 house property ?
Hari Beldona
(Expert)
07 September 2011
Let us assume residential plot held by assessee exceeding more than 36 months then it will be treated as long term capital gain.
Section 54 applies to Residential House-In your query it is not residential House-
S 54 will not apply.
Section 54F- Any asset other than residential house held for more than 36 months should not own more than one house on the date of transfer, he can invest in residential House (not houses). Net consideration is to be invested.
If any gain is there it is taxable as below:
Capital Gain x Amount invested/Net consideration.
Section 54 applies to Residential House-In your query it is not residential House-
S 54 will not apply.
Section 54F- Any asset other than residential house held for more than 36 months should not own more than one house on the date of transfer, he can invest in residential House (not houses). Net consideration is to be invested.
If any gain is there it is taxable as below:
Capital Gain x Amount invested/Net consideration.
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