Capital gain exemption
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2012
An Individual had purchased a residential flat in 2005 for Rs.20lacs which he sold off on 17/5/2012 for Rs.60lacs. He had already purchased another flat on 20/5/2011 for Rs.72lacs of which 60lacs was by way of loan & 12lacs his own contribution. From the sale proceeds of the previous flat he paid off the loan to the extent of Rs.60lacs. So will he be able to claim exemption of the capital gain on the sale of the old flat against the paid off loan amount of the new flat?
Guest
Guest
(Querist)
04 June 2012
I want to register a society / association with central registrar. Please let me know that who is the central authority and what is his address and what is the prescribed procedure for registration.
04 June 2012
Yes he is eligible for exemption u/s 54.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- ITDS U/S.194T of Firm
- GST not cancelled by tenant
- Non-Compliance documents have not been submitted by the contractors debited
- Capital gain on sale and purchase of plot
- Filling ITR - U
- 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
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
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
