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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 June 2012 Yes he is eligible for exemption u/s 54.

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