Capital gain
This query is : Resolved
29 May 2012
hello frendzzz.........
a residential house has been sell on 25 may,12.. n plot has already been purchased on 25 april,12 n construction started after a sell of residential house on d purchased plot.........
can we get d exemption u/s 54.....?
a residential house has been sell on 25 may,12.. n plot has already been purchased on 25 april,12 n construction started after a sell of residential house on d purchased plot.........
can we get d exemption u/s 54.....?
29 May 2012
Since the construction will be completed only after the sale, the assessee is eligible for exemption u/s 54.
The cost of the land and the cost of construction shall be eligible for exemption.
The cost of the land and the cost of construction shall be eligible for exemption.
29 May 2012
but d plot has been purchased before d sale of residential house.. & construction started on d plot purchased earlier after d sale of resuidential house....
29 May 2012
but d plot has been purchased before d sale of residential house.. & construction started on d plot purchased earlier after d sale of resuidential house....
29 May 2012
but d plot has been purchased before d sale of residential house.. & construction started on d plot purchased earlier after d sale of resuidential house....
29 May 2012
The plot can be purchased before the sale.
Construction can COMMENCE BEFORE sale but must be COMPLETED AFTER sale.
Accordingly, exemption will be available.
You can also refer CIT v J.R. Subramanya Bhatt (1987) 165 ITR 571 (Karn.)
Construction can COMMENCE BEFORE sale but must be COMPLETED AFTER sale.
Accordingly, exemption will be available.
You can also refer CIT v J.R. Subramanya Bhatt (1987) 165 ITR 571 (Karn.)
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- NRI starting business in India
- ITDS U/S.194T of Firm
- ADVANCE PAYMENT OF ADVOCATE
- CREDIT NOTES WITHOUT GST
- TDS ON EMAIL DOMAIN SERVICE BILL
- Eway bill not cancelled within 24 hous what can be due
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- GST rate and HSN code for sale of racing horses
- 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?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
