Capital gain and exemption under section 54f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2012 ONE PERSON RECEIVED TWO LANDS BY PARENTS AS A GIFT. AND HE SOLD OUT IT SEPARATELY AND INVEST THE SALES CONSIDERATION IN CONSTRUCTION A NEW HOUSE,
THEN MY QUESTION IS THAT HE IS LIABLE FOR CLAIM SECTION 54F IN BOTH THE ASSETS.
SUPPOSE THE SALE CONSIDERATION FROM ONE LAND IS 24 LAC AND SECOND IS 25 LAC AND HE INVEST IN CONSTRUCTION AMOUNT OF RS.60 LAC . THEN HE CAN AVAIL THE BENEFIT IN BOTH ASSETS OR IN A SINGLE ASSETS. WHAT WILL THE TAX LIABILITY.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

31 August 2012 The exemption is available in respect of both the assets.

SInce the amount invested exceeds the sale consideration, the whole amount of capital gain shall be exempt.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vinod Patil

SANJAY GAIROLA

Rajat Khandelwal

CA. Urmila Mahalwal

velichety.l.narasimharao

Subscribe Now

Capital gain and exemption under section 54f

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Senior Executive

CA Final

Manager- Finance and Compliance

GST CONSULTANCY

Accountant