Capital Gain Exemption income tax

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Rahul Raj (Querist)
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27 February 2024 A property (House property) that is owned by a proprietor firm. The proprietor wants to sell it. now the question is how can capital exemption be claimed by the proprietor.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 February 2024 Take indexation benefits.
Buy another house under section 54 and claim exemption.

Rahul Raj

Rahul Raj (Querist)
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28 February 2024 Will the property be purchased under the name of the proprietorship firm or the proprietor individually? If the proprietor acquires the property in their name, they will be eligible for exemption under section 54.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 February 2024 Property can be purchased only in the name of proprietor. Proprietorship firm has no separate legal status.

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